During the recent 24 hours, the digital asset Sui [SUI] witnessed a notable rise, hitting an all-time high of $4.43. Starting from a low of $3.529, the price surged by close to 25.85% based on the week-long chart.
Moreover, the altcoin saw a significant spike in trading volume, soaring by 71.5% to $4.24 billion, while its market capitalization reached $12.54 billion. The impressive surge was predominantly fueled by robust momentum and an increasing Total value locked (TVL).
Sui Network Achieves All-Time High TVL
Recent data from Lookonchain indicates that the Sui network’s TVL achieved a new all-time high, surpassing $1.68 billion to hit $1.72 billion.
This milestone signifies a strong faith from investors and a bolstered network activity within the Sui ecosystem, underscoring its sustained demand and expanding adoption.
Typically, a continual rise in total value locked correlates with escalated utility and interest in an asset. This paves the way for an upward push on its value, ultimately driving prices higher.
This trend is reflected in the escalating Sui prices alongside the remarkable TVL surge.
Therefore, the consistency of Sui’s TVL above $1.4 billion in recent months suggests a continual influx of capital. These conditions pave the way for the altcoin to maintain its upward trajectory.
Price Chart Impact
As seen, Sui is currently riding a wave of strong momentum, evidenced by the growing capital inflow signaling bullish sentiment.
Primarily, this bullish trend is noticeable among long-term holders. Coinglass data points to a dominant long/short ratio in favor of long positions in the market, indicating investors’ optimism towards price appreciation.
Furthermore, Sui’s Open interest per exchange surged from $16.3 million to $378.44 million, suggesting increased market participation with new positions entering while existing ones are held.
The bullish sentiment is further confirmed by a bullish crossover on the MACD indicator. The recent flip of the MACD line over the signal line in the past 24 hours underscores strong positive momentum with buyers taking control of the market.
In summary, Sui is witnessing buying pressure alongside escalating capital influx. With a sustained momentum and bullish capital flow, the altcoin is well-positioned for further price gains.
Should the present market conditions persist, SUI is likely to achieve a new all-time high, given the absence of notable resistance above its current price of $4.3.