SUI price just hit an all-time high, up more than 69% in the past seven days. The recent growth is supported by strong technical indicators, including uptrending EMAs and a recovering BBTrend.
With Total Value Locked (TVL) also hitting a new record, SUI is showing solid investor interest and growth in usage.
SUI’s TVL Reaches New Record
SUI’s Total Value Locked (TVL) just hit an all-time high of $1.36 billion, representing a significant increase in investor confidence and usage of the chain.
Total Value Locked (TVL) represents the total amount of assets staked or locked in the blockchain’s smart contracts. This is an important metric, assessing the health and adoption of the platform, as a higher TVL represents user engagement and confidence in the security and potential of the platform.
SUI first hit $1 billion TVL on September 30, and since then, growth has been steady. After a period of consolidation, it seems ready to reach new highs, as shown in the last few days.
SUI’s BBTrend Is Recovering
SUI’s BBTrend remained positive for three consecutive days, during which the price increased by 37%. This steady positive trend suggests that bullish price momentum has gradually accumulated, supporting recent price growth.
BBTrend’s ability to remain positive during this period shows that strong buying interest is driving SUI upward.
BBTrend, or Bollinger Band Trend, is a momentum indicator that helps evaluate the direction and strength of asset price movements relative to the Bollinger Bands. A positive BBTrend value indicates that the price is strengthening, while a negative value indicates a downtrend.
On November 10, SUI’s BBTrend peaked at 19.17 before experiencing several hours of decline. However, the indicator appears to be regaining momentum, currently at 6.95, which hints at fresh bullish momentum as buyers return to support the price.
SUI Price Forecast: A New Historical High Coming?
SUI recently hit an all-time high of $3.27, thanks to strong bullish momentum reflected in its EMAs. This arrangement of moving averages suggests that the uptrend could continue, pushing SUI to even higher levels.
If BBTrend continues its recent recovery and TVL also reaches a new high, these factors could together drive SUI to set a new historical high.
However, if the current uptrend weakens, SUI price could face a major reversal. The nearest strong support zone is at $2.21, which could act as a safe line if the price starts to turn down.
If this support fails to hold, SUI could face a deeper correction to $1.96, representing a 37.9% decline from current levels.