The decentralized finance (DeFi) space of Sui Network has recently achieved a significant milestone with its total value locked (TVL).
The substantial increase in TVL signifies the increasing adoption and investments within the SUI ecosystem, with Suilend and NAVI Lending emerging as pivotal players.
Examining SUI’s Dominance in the Lending Platform Sector
Evaluating the TVL chart reflects SUI’s remarkable growth pattern over the past year, showcasing a consistent climb from its humble beginnings, indicating heightened user activity.
Analysis of the TVL as per DefiLlama’s chart reveals the TVL standing at $1.79 billion at the current moment. Further investigation unveils the peak on the 12th of December, hitting $1.8 billion.
This growth surge has primarily been fueled by lending platforms such as Suilend and NAVI Lending, carving out a substantial market share with a combined 58% of the network’s locked assets.
As of now, Suilend’s TVL stands at $552.5 million, while NAVI’s is at $491.23 million.
Surge in Trading Volume Signaling Increase in Activity
Analysis of Sui’s trading volume indicates a correlation between volume and TVL. The current volume hovers around $168 million.
However, the network witnessed a peak in volume on the 12th of December, spiking over $551 million, aligning with the TVL achieving its all-time high.
SUI’s Bullish Momentum Amidst Possible Consolidation
The price of SUI reflects the growth of its DeFi ecosystem, experiencing a significant surge over recent months. Currently trading at $4.38, SUI maintains its position above the key 50-day moving average, indicating continued bullish sentiment.
With an RSI of 61.65, the asset nears overbought territory but still exhibits potential for further upward movement.
Volume analysis displays a consistent uptick in trading activity, supporting the upward price trend. However, a recent pullback from the $4.50 range hints at potential consolidation.
Sustaining above $4.20 could pave the way for another rally, with a target set at $5 as the next significant resistance level.
Further analysis reveals that the price peaked on the 13th of December, reaching $4.76, coinciding with the network’s volume and TVL milestones.
The $1.7 billion TVL breakthrough, spearheaded by SuiLend and NAVI Lending, underscores the network’s potential for growth. Positioned amidst a stable price and a rapidly evolving DeFi sector, SUI appears poised for further expansion.