Sui’s native asset, SUI, powered significantly higher in 2024 on a wave of enthusiasm for its novel L1 smart contract architecture focused on security and scalability. 

Trader Teshkid highlights $1.50 as the crucial support following the breakdown from its local highs around $1.66. Losing this base risks a plunge towards $1.36, marking the next demand zone for SUI:

“Sui is breaking down after a massive rally to $1.6620. $1.5049 is my next target which is also support.”

On the other hand, a swift turnaround and closeback above $1.50 resistance could signal a pending bottom and reduce panic conditions, according to Teshkid. Still, certainty around a durable landing spot remains tenuous until that area proves itself on multiple retests.

Optimism Persists on TVL Growth and Breakthroughs

Meanwhile, analyst CryptoBullet echoes the optimistic longer-term outlook, citing impressive monthly candles and a surging total value locked across Sui’s protocol ecosystem exceeding $500 million. The rapid TVL growth mirrors other gauges of network activity and engagement that surpassed 6,000 transactions per second at peaks.

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The TVL currently stands at $515.5 million, up 4.42% in the last 24 hours, according to the data from DefiLlama.

However, despite these impressive adoption metrics, SUI faces a critical fork in the road as it approaches former support at $1.50. Capitulating below this zone risks an extended correction targeting the $1 region.

Yet a decisive bounce could set the stage for SUI to solidify a macro price bottom ahead of resumed upside trajectories. As such, analysts broadly expect continued volatility around these make-or-break levels before determining the next likely trend for Sui.

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