SUI Price Soars as Solana Rival Sui Network Achieves $900M TVL

• Sui has secured the 8th position among all blockchains after its Total Value Locked saw a staggering 3,285% growth to surpass $900 million. 

• An analyst predicts that the asset could breach its all-time high price and target the $2.6 resistance level once it successfully trades above the $1.80 mark. 

Layer 1 blockchain Sui (SUI) has staged a significant rebound to target the all-time high price of $2.08 recorded in March after recovering from the three-month-long bearish run below the $0.50 mark. According to our market data, Sui was up by 61% in the last 30 days, 49% in the last seven days, and 12% in the last 24 hours at the time of publication. At the current price of $1.61, the asset’s 24-hour trading volume was on the verge of flipping to the positive zone, with $913 million changing hands. 

Amid the backdrop of this impressive price action, SUI’s on-chain activities have come up strongly as the unprecedented demand for Decentralized Finance (DeFi) products and services increases considerably.

According to data, SUI’s Total Value Locked surpassed $900 million yesterday, September 22, to secure the 8th spot among the competing blockchains. This represents a staggering 3,285% growth over the past year. 

BREAKING: Sui now has $9⃣0⃣0⃣,0⃣0⃣0⃣,0⃣0⃣0⃣ Total Value Locked, now coming in at #8 of all chains for TVL That’s a 3,285% increase in just 1 year And there’s still 8 days left in #Suitember pic.twitter.com/DznCFDOq8h— Sui (@SuiNetwork) September 22, 2024

Investigating this further, we observed in CoinMarketCap data that the locked assets had reached 2.10 billion Sui ($3.3 billion). Conversely, the unlocked assets were around 2.68 billion Sui ($4.3 billion). As interpreted by our analysts, this signifies a growing interest and adoption within the ecosystem. 

More on Sui’s (SUI) Price Analysis

Recently, CNF analyzed Coinglass data and observed that SUI’s Open Interest (OI) had risen by 14.65% in just a day, pushing the total to $361.89 million. Another look at the weighted funding rate also led to the discovery of a positive value with an increment of 0.0091%. This implies that long position holders are willing to pay a premium to maintain their “grounds.” 

According to multiple analysts, including Bluntz Capital, the increasing OI and weighted funding rate signals a bullish outlook. Per Bluntz’s prediction, Sui could set a new all-time-high price in the near term at $2.6. Explaining his position, Bluntz pointed out that Sui recently broke out of the 105-day downtrend to push the price from $0.40 to $1.35 in a 237% surge.

Fascinatingly, the breakout was accompanied by rising trading volume, which indicated a stronger market interest. On top of that, Sui breached its critical resistance level without retracement. This, according to him, implies a continued upward trend. 

Currently, SUI’s technical chart shows a successful breakout above the $0.57 resistance level. This positions the asset towards the next critical mark at $1.80. Once it secures this point, Sui could reach its all-time high and validate Bluntz’s prediction. 

Technically, the asset’s recent breakout coincides with the strategic mainnet upgrade to version V1.27.2. This development saw the integration of a “new protocol version and the activation of Move enumeration on the development network.”

The additional deployment of the Mysticeti on Sui Mainnet, as reported by CNF, also contributed to the improved network activities after the consensus latency was significantly reduced to 390 milliseconds, making it the fastest in the industry.