SUI’s 27% Weekly Rally Pushes TVL to $711 Million – Is a $2 Billion Explosion Coming?
Sep 13, 2024
6thTrade
Sui (SUI) saw a strong price surge on September 12, jumping 13% in a single day to reach $1.02. This increase is part of a larger rebound that began on September 3, with the token gaining over 27% in just seven days.
According to data from Cointelegraph Markets Pro and TradingView, SUI rose from a low of $0.9274 on September 12, hitting an intraday high of $1.07—a 15% increase. In contrast, the overall crypto market's capitalization grew by just 1.15%, reaching $2.02 trillion, making SUI the best performer among the top 100 cryptocurrencies by market cap.
Sui has been making waves in the DeFi space, securing its spot as one of the top 30 layer-1 blockchains, with more than $711 million in total value locked (TVL) according to DefiLlama. Over the past month, the TVL on Sui’s network has more than doubled, rising 107.5% between August 5 and September 12. Key DeFi protocols contributing to this growth include Cetus, a decentralized exchange with a $121 million TVL, Navi Protocol ($261 million), Scallop Lend ($117.75 million), DeepBook ($29.31 million), and FlowX Finance ($15.78 million). The rising TVL is often a sign of increased user activity and confidence, which can drive demand for the network's native token.
Crypto analysts are also optimistic about SUI’s potential. Pseudonymous analyst Cryptorphic pointed out that SUI is nearing a key resistance level at $1.025. A breakout above this level could trigger further gains, potentially pushing the price towards $2.58. Fellow analyst Bmoon was even more bullish, predicting that SUI could hit $3.60 by the end of 2024, citing the token’s strong performance and growing DeFi ecosystem.
While SUI's future looks promising, investors should approach with caution, as all crypto investments carry risks. Be sure to conduct thorough research before making any financial decisions. $SUI
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#6thTrade #MarketSentimentToday #Market_Update Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.
