The SUI crypto token continues to dominate the 1st-page cryptocurrencies by outperforming every single project in terms of monthly return.
The SUI crypto token has been making waves in the cryptocurrency market, thanks to its impressive performance. But what exactly is driving this altcoin's price surge and making it a hot topic among investors? Let's dive deeper into the factors contributing to SUI's price action.
As the 1st-page cryptocurrencies continue to be dominated by SUI, the coin has outperformed every single project in terms of monthly return. جالب توجه است, the altcoin is currently trading at a discount of only 29.82% from its ATH, which indicates an increased price action.
Offering a unique DeFi protocol that enables lending and derivatives, this altcoin has taken over the DeFi market by storm. Moreover, it has recorded a 6X surge in its TVL from around $210 million to over $1.3 billion within 264 days.
With a jump of ~13% within the past day and a trading volume of $810.014 million, it is heading toward its 6-month high of $1.6. Notably, it has surged 54.36% over the past seven days and 80.81% during the past 30 days. Moreover, it has rewarded its long-term investors with a 2X return this year.
With its recent price surge, it has successfully breached its resistance trendline of the rising channel pattern. On the other hand, its EMA 50/200-day indicator is on the verge of recording a Golden Cross. This indicates a bullish outlook for the altcoin in the market.
As the SUI token's Total Value Locked (TVL) reaches a new all-time high of $1.317 billion with a 24-hour volume of $76.38 million, a new milestone has been set. With a total market cap of $4.022 billion, this altcoin has a ~33% lock, indicating a strong bullish perspective among its investors.
After experiencing a significant drop in TVL between May and August, SUI's TVL rose from $611.37 million to $1.317 billion within 47 days, thanks to increased adoption and growing trust among investors.
Breaking out of its resistance level of $1.60 could set the stage for the Sui coin price to test its upper level of $1.90. Furthermore, if the bullish sentiment intensifies, this altcoin could head toward its upper high of $2.18 during the coming time.
On the flip side, if the bears regain momentum, the Sui crypto could retest its support level of $1.29. Moreover, if the bears continue gaining momentum, it could retest its lower support level of $1.
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