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SUI (SUI) Price Action Generates Waves with Growing TVL, But Remains in Bearish Grip

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Release: 2024-09-07 06:05:31
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Sui (SUI) price is generating waves with its growing Total Value Locked (TVL), which now stands at $630.58 Million. This increase in TVL is positively impacting SUI, making it a notable contender in the market.

SUI (SUI) Price Action Generates Waves with Growing TVL, But Remains in Bearish Grip

Cryptocurrency prices have been on a wild ride in recent months, and Sui (SUI) has been no exception. The layer-1 blockchain’s native token has seen its price fluctuate drastically, and it is currently trading at $0.7669, down 7.36% in the past 24 hours.

However, despite the recent decline, SUI has still managed to generate some waves with its growing Total Value Locked (TVL), which now stands at $630.58 Million. This increase in TVL is positively impacting SUI, making it a notable contender in the market. Last month, it recovered from $360 Million. The rise over time reflects increased demand and the changing dynamics of market participation.

Here's a closer look at the key market trends and technical indicators impacting SUI's price action:

1. Surging Derivatives Demand: SUI's derivatives market has displayed notable activity for the current market trend, with open interest rising by 5.5% over the past 24 hours. This increase led to an amount of $140.08 Million OI's. This showed increased engagement in the derivatives segment among traders.

2. Bearish Grip on SUI: In terms of liquidations, the long-short ratio was at 0.9451. This signified that the longs totaling $1.06 Million were liquidated over the last 24 hours, compared to $210.69K in shorts. This highlighted the current dominance of bears in the market. More long positions were closed owing to the price action.

3. Volume Surge in Derivatives: Additionally, derivatives volume experienced a significant surge, advancing by 65%. This surge led to a total traded value of $783.77 Million. It highlighted the increased demand for SUI token in the derivatives market.

4. Stellar Price Gains, But Failed to Sustain: From the last quarter of 2023 to the first quarter of 2024, the price displayed magnificent gains of 490%. The run began from $0.3694 to $2.1851.

However, since the end of March, and while entering the second quarter of 2024, SUI violated the uptrend significantly. The lower-low spree saw gains plummet by 80%, amid profit-booking.

5. Prolonged Bearish Phase: Long term, a sharp decline from a swing high of $2.1816 to its current traded price of $0.7669 spanned 161 days. Although the token resurged from lower levels with the liquidity grab on August 5th, it failed to maintain upward momentum.

6. Price Still in Bearish Territory: The price is in the final month of the third quarter of 2024, and yet the price stayed in bear grasp. This price action underscores the uncertainty and selling pressure within the market.

Despite the recent bearish scenario, there remains the probability of a bounce back. If SUI can break above the $1.0 level and sustains, it could trigger some bullish candles.

However, the market remains cautious, and SUI needed to overcome key resistance levels or Change of Character (CHoCH) above $1.0 to confirm a substantial recovery.

Do Technical Tools Show Any Hope for Recovery?

The SUI crypto has shown notable weakness in its recent price action. It has plunged beneath the 200-day EMA on the daily chart.

Moreover, the MACD and signal lines continue to trade in negative territory. The RSI has dropped below the critical 50 level at 43.89.

SUI may find support at the $0.3500 and $0.5000 levels. However, resistance at the $1.1800 and $1.425 levels is likely to be encountered.

The above is the detailed content of SUI (SUI) Price Action Generates Waves with Growing TVL, But Remains in Bearish Grip. For more information, please follow other related articles on the PHP Chinese website!

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