SUI Price Set for New High as Total Value Locked Exceeds $1 Billion
Can SUI Reach a New All-Time High | Credit: Derek Fenech
Key Takeaways
- SUI’s Total Value Locked (TVL) increased above $1 billion on Sept. 29.
- The SUI price has appreciated over 270% since its Aug. 5 lows.
- Will the price reach a new all-time high similar to the TVL?
The SUI Total Value Locked (TVL) has increased nearly five-fold since the start of the year, reaching a new all-time high of $1.03 billion on Sept. 29.
The price has mirrored this increase, especially since the start of August.
After breaking out from a critical resistance area, can SUI maintain its momentum and reach a new all-time high price? Let’s find out!
SUI’s TVL Crosses $1 Billion
On Sept. 29, the SUI network announced it had broken $1 billion in TVL. SUI’s TVL of $1.03 billion is in eighth place, surpassing Polygon’s $1 billion and slightly trailing Avalanche’s $1.11 billion.
The network also thanked NAVI, Cetus, and Suilend, among others, the protocols with the highest TVLs of $370 million, $174 million, and $170 million, respectively.
SUI also leads other Layer-1s when comparing the TVL increase since the start of the year.
SUI (white) is first at 480%, followed by Solana, Ethereum, and Avax at 183%, 57%, and 18%, respectively.
However, since SUI launched much earlier than the others, a fairer comparison would be to compare the rates of increase since launch. SUI launched in May 2023, and it has taken it 16 months to reach $1 billion in TVL.
To compare, Ethereum needed over two years to do so, while Solana reached it in only 13 months. Binance Smart Chain (BSC) was the fastest to cross the threshold, doing so after three months.
SUI Approaches All-Time High
The SUI price has moved upward since bouncing at a descending parallel channel’s support trend line on Aug. 5. At the time, it was trading at $0.46.
SUI has increased by 285% since, reaching a high of $1.85 on Sept. 29. During this time, it moved above the confluence of resistances at $1.32, created by a horizontal resistance area and the 0.5 Fibonacci retracement resistance level.
SUI does not face any more resistance until the all-time high of $2.18, which is 24% above the current price.
Read More: SUI Price Prediction for 2024: SUI Price Analysis
However, technical indicators have begun to show weakness. The Relative Strength Index (RSI) could be in the process of generating a bearish divergence in overbought territory, while the MACD has created
As a result, the price of SUI may retrace in the short term before moving to new highs.
Possible SUI Price Retracement
The most likely wave count implies that SUI could fall in the short term before eventually reaching a new all-time high. This suggests that the price will reach a new all-time high soon.
According to the count, SUI is in wave three of a five-wave increase that started on Aug. 5.
Wave three has extended and is 1.61 times longer than wave one, making this a likely level for a top.
If wave three has ended, SUI could fall toward the 0.382 Fibonacci retracement support at $1.43.
Coincidentally, this is also the previous horizontal resistance area, making it a likely level for a bottom.
Then, the target for the top of the increase will be at $2.44. On the other hand, if wave three extends, SUI could immediately move toward the $2.44 target, giving wave three 2.61 times the length of wave one.
New All-Time High
The SUI TVL reached a new all-time high on Sept. 29. While a short-term retracement could occur, the SUI price is likely to reach a new all-time high soon, with the first target being at $2.44.
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