SUI price has hit a new all-time high, thanks to strong momentum that could push it higher in the near term. SUI’s Total Value Locked (TVL) also reached a record of 1.72 billion USD.
With technical indicators like ADX pointing to a strong bullish bias and a golden cross supporting the recent rally, SUI is well positioned to test $4.50, just 7.7% away. However, key support levels at $3.94 and $3.65 will be crucial if the current bullish momentum begins to wane.
SUI TVL Hits New All-Time High
The total value locked (TVL) of the SUI blockchain has reached an all-time high of $1.72 billion. This milestone reflects strong investor confidence and increased activity in the SUI ecosystem, highlighting its growing adoption.
Sustained high TVL levels are often associated with increased utility and demand for the underlying asset, creating potential upward price pressure.
TVL measures the total capital locked in a blockchain’s protocols, serving as an important indicator of ecosystem health and user engagement. With SUI’s TVL remaining above $1.4 billion as of November 9, the continued inflow shows strong support for its network.
This stability, combined with recent all-time highs, could strengthen SUI’s price momentum.
SUI’s Current Uptrend Is Strong
SUI’s ADX has spiked to 30.6, up sharply from below 15 in just the past two days, signaling a significant consolidation in its trend. This increase shows that SUI price has moved from a weak or consolidating market condition to a strong uptrend.
The sharp increase indicates increased market momentum, possibly driven by increased investment activity or confidence in the asset.
ADX (Average Directional Index) measures the strength of a trend, with values above 25 indicating a strong trend and below 25 indicating market weakness or consolidation. SUI’s ADX at 30.6 confirms it is in a strong uptrend, with room for further growth before the trend shows signs of weakening.
During previous bull runs, SUI’s ADX almost reached 35, suggesting that the current rally could continue for a while before the trend reverses or weakens. This points to a possible near-term upside for SUI as momentum continues to build.
SUI Price Prediction: Will It Hit $4.50 for the First Time?
On December 3, SUI’s EMAs formed a golden cross, where a short-term moving average crossed above a long-term one, signaling the start of an uptrend.
This technical pattern triggered the recent rally, bringing SUI closer to its all-time high price. If the uptrend continues, SUI could surpass this top and aim for $4.50, just 7.7% away.
However, if the current uptrend weakens and a downtrend emerges, SUI price could test the first level of support at $3.94. If this level fails to hold, the price could fall further to $3.65, signaling a potential change in market sentiment.