SUI (SUI) Price Prediction: TVL Signals Ongoing Rally, But Liquidity Levels Are Key

SUI has experienced an impressive surge of over 160% since the start of September, with its price now hovering around $2.

SUI coin price has been on a remarkable roll lately, with a staggering surge of over 160% since the beginning of September. This impressive rally has propelled the layer-1 blockchain to new heights, making it one of the most talked-about projects in the crypto space.

As SUI approaches the $2 mark, its performance is being closely watched by both technical and fundamental analysts. This level has been a significant resistance zone in the past, and if SUI manages to break through it, we could see a strong bullish move.

According to on-chain data from DefiLlama, SUI's total value locked (TVL) has reached a new all-time high of $1.07 billion. This marks a 65% increase in TVL over the past 30 days, indicating growing confidence in the platform's utility and long-term potential.

SUI’s impressive rally is not solely driven by market sentiment but is also backed by tangible growth in the platform's fundamentals. Both total value locked (TVL) and user engagement have seen a remarkable rise, boding well for SUI's future performance and painting a bright picture for the layer-1 blockchain.

With both price and network fundamentals performing strongly, many investors are optimistic about SUI's ability to continue scaling new heights. As the second half of 2023 begins, SUI's performance will be closely monitored by those seeking to identify promising opportunities in the rapidly evolving blockchain landscape.

If these positive trends continue, a rise above SUI's previous all-time high of $2.16 seems likely in the coming weeks. With momentum building, many expect SUI to achieve further gains, reinforcing its position as a leading layer-1 blockchain.

SUI coin price is currently hovering around the $1.89 mark, which is about 15% away from its all-time high of $2.18. The recent price action has been promising, with an 8% surge in the past hours. Many analysts believe that if SUI can break above the critical $2 level, the chances of reaching new all-time highs are very high. This psychological barrier could trigger a wave of buying pressure, pushing the price to new levels.

However, some investors are expecting a healthy correction before further upward movement. If SUI fails to break past the $2 mark, a retracement to support levels around $1.60, or even down to $1.45, would not be unexpected. Such a correction could provide a solid foundation for the next bullish leg, allowing SUI to gather momentum before attempting to breach the $2 resistance again.

Despite this, the overall sentiment remains optimistic, with many investors holding out for a new all-time high shortly. SUI's recent performance and market dynamics suggest that the coming days will be crucial for determining its next move.

The above is the detailed content of SUI (SUI) Price Prediction: TVL Signals Ongoing Rally, But Liquidity Levels Are Key. For more information, please follow other related articles on the PHP Chinese website!