SUI Network: After hitting $1.74, aiming for $3, TVL breaks $1 billion
After successfully hitting the key price of $1.74, the SUI network is showing strong growth momentum and is expected to break through $3. Behind this optimistic forecast is the fact that the total locked value (TVL) on the network has successfully exceeded the $1 billion milestone.
Recently, the SUI network announced an exciting news on Twitter: just two years after the launch of the mainnet, its TVL has reached an astonishing $1 billion. As a rapidly developing network, SUI is gradually establishing its competitive position in the blockchain industry and is seen as a strong competitor to mature platforms such as Solana.
As the altcoin market continues to heat up, SUI has also seen its price soar, approaching the psychological price of $2. This series of achievements has undoubtedly injected strong momentum into SUI and boosted investor confidence. So, can this emerging network push SUI's market price to a new record high? Let's explore together.
Over the past four weeks, SUI token has performed well and has shown a clear upward trend. Its price has risen by 133% and successfully challenged the 78.60% Fibonacci key price of $1.7454.
Looking at the weekly chart, SUI’s recovery rally has formed a rounding bottom reversal pattern with the neckline right around the psychological price of $1.20. This pattern is even clearer on the daily chart, showing that the SUI token has strong bullish potential.
On the daily chart, the SUI token’s rebound is even more significant. Its recovery trend points to strong buying power in the market, driving a bullish crossover between the 100-day and 200-day moving averages. However, the upward momentum of SUI token has been challenged recently at the resistance level near the 78.60% Fibonacci price, forming the prototype of a double top pattern.
As of now, the SUI token is trading at $1.7388, with a daily pullback of 1.19%, showing some signs of weakness in the uptrend. In addition, the MACD indicator also reveals some potential bearish signals, and the MACD line and the signal line are gradually approaching a possible bearish crossover point.
Despite this, we are still full of expectations for the future of SUI. According to the analysis of Fibonacci levels, if its upward trend can continue and complete the rounding bottom reversal pattern, the price is expected to break through the important mark of $2.07. Once a bullish breakthrough is achieved, the $3 mark may become a potential target for SUI in October.
Of course, investment always comes with risks. While pursuing high returns, we should also pay attention to the key support levels faced by SUI tokens. Among them, the 61.80% and 50% Fibonacci levels correspond to important prices of $1.48 and $1.30 respectively. These prices will become important support for SUI tokens during the callback process.
