HomeNewsSUI's Triumphant Revival: 300% Surge Fueled by Strong Protocol and TVL Growth

SUI’s Triumphant Revival: 300% Surge Fueled by Strong Protocol and TVL Growth

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  • SUI, the native token of the Sui layer 1 smart contract platform, has experienced a 300% price surge over three months, overcoming previous concerns about supply manipulation.
  • The platform’s Total Value Locked (TVL) has impressively increased by more than 2,000% since August 2023, indicating strong growth and sustainability of its ecosystem.

Unpacking SUI’s Remarkable Market Performance

In a striking turnaround from previous setbacks, SUI, the native token of the Sui layer 1 smart contract platform, is currently making significant strides in the decentralized finance (DeFi) sector. After overcoming allegations of supply manipulation from South Korean regulators in October 2023, SUI has demonstrated a robust price recovery, anchored by solid improvements in its underlying fundamentals.

SUI’s TVL and Trading Volume Skyrocket

One of the most noteworthy aspects of SUI’s recent success is the substantial increase in its Total Value Locked (TVL). According to data from DeFi aggregator DefiLlama, SUI’s TVL has escalated from $54.39 million in early October 2023 to a current value of $319.23 million, marking an increase of over 828%. This growth in TVL is a clear indicator of heightened investor confidence and the expanding utility of SUI’s ecosystem.

Further cementing its market presence, SUI’s trading volume has seen an exponential rise, surpassing $950 million on January 13, which represents a staggering 2,200% increase in three months as per CoinMarketCap data.

Protocols Fueling SUI’s Growth

The surge in SUI’s TVL can be attributed to various protocols within its ecosystem. Key contributors include Cetus, a decentralized exchange (DEX) with $62 million locked, Navi Protocol with a TVL of $60 million, Scallop Lend at $54 million, DeepBook with $33 million, and FlowX Finance holding $31 million. These protocols have collectively played a pivotal role in SUI’s growth trajectory.

Additionally, the recent launch of Sui‘s mainnet has attracted new projects to the platform, including Solend, a major lending protocol from Solana, announcing its expansion to Sui.

Analyzing SUI’s Liquidity and Price Action

Crypto market analyst Cryptolaxy has highlighted SUI’s rising Relative Liquidity Ratio (RLR), which indicates growing trader interest. The RLR, a measure of the 24-hour trading volume relative to market cap, suggests increased token liquidity and trader engagement.

In terms of price action, after bouncing from the $0.36 support level, SUI achieved a swing high of $1.4486 on January 15. Despite the Relative Strength Index (RSI) indicating an overbought condition, major moving averages continue to trend upward, hinting at sustained bullish sentiment.

However, potential resistance levels loom at $1.40 and the $1.44 swing high, with additional psychological barriers at $1.60 and $1.70. On the downside, support might emerge at the 23.6% retracement level of $1.92, with further levels at $1.0 and the 61.8% retracement level at $0.80.

As SUI navigates these key levels in the short term, its market trajectory remains a focal point in the crypto space, symbolizing the dynamic and rapidly evolving nature of blockchain-based platforms and their native tokens.

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Godfrey Benjamin
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@ethnews.com Phone: +49 160 92211628