The #SUI crypto price is experiencing a strong recovery from its all-time lows and is generating strong bullish directional signals. SUI blockchain is one of the most popular layer 1 platforms launched in 2023. The project was launched in May 2023 during a time of much excitement. However, after the initial increase in listing on the stock exchange, the price fell by 77% in August.
After an intense downtrend, it seems that the bears have finally run out because the SUI coin is currently trading up 31% from its lows in August 2023. On Wednesday, the price increased by more than 12%, making it one of the best performing digital assets of the day. However, while the BTC price had a hard time rising above the $26,500 level, the cryptocurrency experienced a 1.15% decline on Thursday.
SUI Blockchain TVL Doubled in August
The TVL graph shows that the total locked value on the SUI blockchain almost doubled in August 2023. TVL, which was worth $ 12.65 million at the end of July, has now increased to $ 23 million. This represents an increase of more than 90% in less than four weeks.
An increase in TVL usually means an increase in activity on a particular blockchain. According to DeFi Llama, the largest dapp on the blockchain is Cetus, a decentralized exchange with TVL worth $ 7.5 million. Increasing TVL is one of the biggest factors behind the rising SUI crypto price.
SUI Coin outperforms Bitcoin
Looking at the SUI/BTC chart below, it seems that SUI coin has increased by more than 26% in Bitcoin terms since last week. This shows that it is finally gaining strength compared to the most valuable cryptocurrency on the planet. Many investors trade altcoins only with BTC pairs.
After trading below an important trend line, the pair finally broke out of the downward trend line, which is a strong bullish signal. If the bulls hold above the 0.000020 level, I expect it to retest the 0.000026 level in the coming weeks.
SUI Crypto Price Forecast Turns Bullish
As can be seen from the SUI coin price chart below, it has recovered the low of $0.515 and the bulls are gaining momentum. Currently, the price is trying to cross the downtrend line on the daily chart. A break above this trend line could turn the SUI crypto price forecast even more bullish.
In this case, the bulls' first target will be the middle of the current trading December at the level of $ 0.67. If the BTC price action remains positive, it will be possible to retest the high of $ 0.89, which is the highest level of the December. The invalidity of this bullish movement will be that the daily close will be below $0.515. #crypto2023 #Binance $SUI #BinanceTournament
