In a stunning comeback, the price of Sui token has soared to new heights, painting an impressive picture in the cryptocurrency market. Reaching an impressive $1.61 on the back of a solid 50% weekly rally on Tuesday – its highest point since May 3rd of the previous year – Sui has proven to be one of the standout performers of 2024. With an astronomical surge of over 328% from its lowest level in 2023, Sui has solidified its position as one of the most successful cryptocurrencies of the year.
SUI price action. Source: Coingecko
SUI Breaks Through Resistance
Analyzing the token's price action, the daily chart paints a compelling picture of an upward trend over recent months. Sui has experienced a remarkable surge from its 2023 low of $0.3500 to its current high of $1.60. Significantly, the token successfully broke through the crucial resistance level at $1.44, effectively nullifying a potential double-top pattern in the making.
Technical indicators, including the 50-day moving average and the Ichimoku cloud, lend further support to the bullish outlook for the Sui token. Market analysts are now setting their sights on the psychological price point of $2, representing a 25% increase from the current level, as the next significant milestone.
SUI TVL at $443.61 million. Source: Defillama
Sui owes much of its growth to its innovative architecture and ecosystem fund. Its architecture ensures swift transactions and lower costs compared to similar networks like Ethereum, making it an attractive choice for users. The recent announcement of Banxa's expansion to the Sui network has further propelled Sui's price surge. This expansion paves the way for users to easily acquire Sui tokens through Banxa's on-ramp platform.
SUIUSD currently trading at $1.6280 on the daily chart: TradingView.com
At the core of Sui's phenomenal rise lies its blossoming Decentralized Finance (DeFi) ecosystem. Boasting a Total Value Locked (TVL) of over $443 million, Sui has secured a spot among the top 10 largest DeFi networks globally.
This achievement is particularly noteworthy as Sui has surpassed well-established cryptocurrencies such as PulseChain, Base, Cardano, Cronos, and Aptos, each valued in the billions. Notably, Cardano alone boasts a market cap exceeding $17 billion.
SUI enters the Top 10 list. Source: Defillama
Sui's Thriving Ecosystem And Growth Potential
Examining Sui's thriving ecosystem, Defillama's tracking reveals a remarkable 22 DeFi applications. Leading the pack is NAVI Protocol, a liquidity provider with over $98 million in assets. NAVI serves as a gateway for users to seamlessly lend and borrow assets across the Sui network, playing a crucial role in driving Sui's growth.
Sui's remarkable rise serves as a testament to the ever-evolving landscape of cryptocurrencies and the vast opportunities they present. As the cryptocurrency market continues to evolve, Sui stands out as a shining star, captivating the attention of investors worldwide.
Featured image from Shutterstock, chart from TradingView
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Source: NewsBTC.com
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