- Sui networks’ total value locked hits an all time high of $1.72 billion.
- Sui price has surged by 25.85% to reach an ATH over the past day as well.
Over the past day, Sui [SUI] has experienced a strong upswing to hit an all-time high of $4.43. The price increased from a low of $3.529, and was up nearly 25.85% on the 7-day chart.
Also, the altcoin’s trading volume surged by 71.5% to $4.24 billion while its market cap reached $12.54 billion. This upsurge was widely driven by strong momentum and a growing Total value locked (TVL).
Sui Network TVL hits an ATH
According to Lookonchain, the Sui network TVL has reached an all-time high after surpassing $1.68 billion and reaching $1.72 billion.
Source: Lookonchain
This new milestone reflects strong investor confidence and rising network activity within the Sui ecosystem, thus indicating its continued demand and growing adoption.
Mostly, a continued growth in total value locked usually correlates with rising utility and interest for an asset. This creates favorable conditions for upward pressure on its value thus raising prices.
This phenomenon has been witnessed with the Sui prices hitting a new high while its TVL also reached ATH.
Therefore, with Sui’s TVL holding over the past months, with a constant value above $1.4 billion, this suggests that there’s sustained capital inflow. As such, these conditions are suitable for the altcoin to continue with an upward movement.
Impact on price charts?
As observed above, Sui is experiencing strong momentum evidenced by the increased capital inflow signaling bullish sentiment.
For starters, we can see this bullishness among long position holders. According to Coinglass, Sui’s long/short ratio shows that longs are dominant in the market. This implies that most investors are betting for prices to rise.
Source: Santiment
Additionally, Sui’s Open interest per exchange has surged from $16.3 million to $378.44 million. A rise in open interest suggests that new investors are entering the market with new positions while others continue to hold their positions.
Source: Tradingview
Finally, this bullishness is further evidenced by a bullish crossover on MACD. As such, the MACD line has flipped the signal line over the past 24 hours. This shows strong upward momentum with buyers dominating the market.
Read Sui’s [SUI] Price Prediction 2024-25
Simply put, Sui is currently experiencing buying pressure amidst increased capital inflow. With a sustained increase in capital inflow with bullish momentum, the altcoin is well positioned for more gains on its price charts.
If the current conditions hold, SUI will make a new ATH since there’s no significant resistance above its current price of $4.3.
