SUI Total Value Locked Nears $1Bn — Potential Price Rally Ahead
Can SUI Reach a New All-Time High? | Credit: Hameem Sarwar
Key Takeaways
- SUI’s TVL reached a new all-time high of $950 million on Sept. 23.
- The SUI price has increased over 240% since its low on Aug. 5.
- Will the price follow the TVL’s lead and reach a new all-time high?
The SUI price has increased rapidly since its bottom on Aug. 5. On Sept. 23, the price of SUI reached a 166-day high while its Total Value Locked (TVL) reached a new all-time high.
Can the SUI price maintain momentum and follow the TVL lead toward a new all-time high? Let’s find out.
SUI Total Value Locked Reaches All-Time High
On Sept. 22, the SUI network announced it finally broke $900 million in Total Value Locked, becoming the eighth largest chain based on the metric. Sentiment on X is also overwhelmingly positive. Besides the TVL increase and retail investor boom, several new meme coins have been launched on SUI.
The protocols with the highest TVL are NAVI Protocol, Cetus AMM, and Suilend, which are decentralized exchanges and lending protocols.
The trading volume is also massive, currently more than half of SUI’s market cap.
Several positive developments have occurred in the last two months, starting with Grayscale’s launch of SUI trust, a new mobile gaming device, a partnership with One Championship, and USDC integration with Circle.
On top of the positive news and developments, the SUI price has been one of the market leaders in the current market cycle.
Can SUI Price Do the Same?
The SUI price has increased since Aug. 5, when it fell to a low of $0.46. At the time, it bounced at the support trend line of a descending parallel channel for the fourth time. Four days later, the price of SUI broke out from the descending parallel channel.
After validating it as support twice (white icons), SUI accelerated its upward movement which has now become parabolic.
On Sept. 19, SUI broke out from the 0.5 Fibonacci retracement resistance and $1.32 horizontal resistance area. On Sept. 23, it reached a 166-day high. There is no more resistance until the all-time high of $2.18.
Technical indicators support the continuing of the price increase. The Relative Strength Index RSI and MACD indicators are increasing, and neither has generated a bearish divergence.
The most likely wave count also suggests that the price will reach a new all-time high soon.
According to the count, the SUI price has completed an A-B-C corrective structure (yellow), where wave C developed into an ending diagonal. The sub-wave count is in black.
If the count is accurate, SUI has started a new five-wave increase (white) and is currently in wave three. The minimal target for the upward movement is at $2.30, which would give it the same length as the previous one (highlighted).
If the current movement extends, the next target will be at $3.40.
Positive End to the Year
The SUI movement has been positive since Aug. 5, and the price analysis indicates this bullish trend will continue for the rest of the year. The new all-time high in TVL can also bring more interest to the blockchain, as can the plethora of new partnerships and developments.
SUI Price Climbs 55% in September — Set to Lead Next Crypto Market Rally
