Sui’s bullish signs: $1 billion TVL and rising active addresses

Sui’s bullish signs: $1 billion TVL and rising active addresses

Sui [SUI] has achieved a significant milestone by surpassing $1.03 billion in total value locked (TVL) on September 19. This accomplishment underscores the increasing confidence and capital inflows into the decentralized finance (DeFi) ecosystem of the blockchain.

Trading at $1.34 presently, marking a 14.84% uptick in the last 24 hours, the question arises: could this development trigger an upward trend and propel SUI’s price above its current value of $1.38?

TVL expansion: A Stimulus for positive momentum

The quick escalation of Sui’s TVL from $802 million to $1.03 billion showcases a growing trust in its ecosystem. The displayed graph indicates a continuous surge in Sui’s TVL, notably in 2024, culminating at the $1 billion mark.

TVL serves as a crucial metric in DeFi, reflecting the total capital secured in smart contracts, fostering liquidity, and attracting developers to the system.

Reaching the $1 billion milestone not only marks a psychological threshold but also cements Sui’s position among the leading DeFi protocols. The added liquidity could allure more users and investors, propelling the network’s adoption and future potential.

Increasing active user accounts: Escalating user engagement

Sui has observed a surge in daily active user accounts, climbing from 1.47 million to 1.66 million, denoting a 12.93% rise in a single day. This spike hints at heightened interaction with the platform’s decentralized applications and utilities.

An expanding user base often translates to more assets being locked in smart contracts, which might sustain Sui’s TVL upward trajectory and contribute to forthcoming price fluctuations.

Trading volume and liquidity: Indications of a positive perspective

Sui’s derivatives volume of $2.49 billion, soaring by 35.57% in 24 hours, indicates heightened market participation.

Furthermore, the liquidation statistics depict short liquidations amounting to $1.49 million, as opposed to longs’ $534,560, suggesting a shift in sentiment as shorts are forced out.

This suggests a potential bullish trend, particularly as trading volumes surge alongside TVL escalation.

Is a Breakthrough past $1.38 for SUI Possible?

With the rising TVL, increased user engagement, and robust trading volumes, Sui is poised for a potential breakout.

The $1.38 price level represents a critical resistance, and surpassing it could signify the onset of a continuous bullish trend.

Investors will be closely watching to see if this positive momentum can propel prices higher.

Leave a Comment