Why the SUI Coin Price May Touch a New All-Time High
SuiThe native token of first-tier blockchain Sui has been rising over the past 24 hours. Its price hit an all-time high of $4.91 in early Asian trade on Thursday amid increased trading activity.
Although its value fell slightly by 1% from its peak, SUI maintained its 30% gain over the past 24 hours, making it the market’s top gainer.
SUI hits new high
SUI’s double-digit surge Wednesday’s announcement boosts Backpack integration with Sui Blockchain. The news caused the price of SUI to spike by 18% during the day’s trading session amid increased activity among blockchain users.
The surge in user activity is reflected in Sui’s decentralized finance (Decentralized Finance) Total Value Locked (TVL) also surged to an all-time high. According to Defi Lama, Sui’s TVL is US$1.84 billion As of this writing, it has surged 17% in the past 24 hours.
When a network’s TVL climbs, more capital is invested, deposited, or used in its ecosystem, indicating growing user activity. This can have a positive impact on the price of the asset, as a higher TVL generally indicates strong demand, increased activity and confidence in the underlying network.
In addition to the soaring TVL, SUI’s decentralized trading volume There has also been an increase. in an postalSUI said its total DEX trading volume has exceeded $35 billion, setting a new 24-hour record of more than $466 million in DEX trading activity. According to data from Artemis, the network’s DEX trading volume has grown by 170% since the beginning of December.
SUI Price Forecast: A rebound above all-time highs is possible
SUI is currently trading at $4.83, up 30% in the past 24 hours. The daily chart shows Chaikin Money Flow (CMF) rising to 0.19, confirming continued demand for the token.
The CMF uses price and volume data to measure buying and selling pressure over a specific period. Positive readings indicate buying pressure outweighs selling pressure, indicating bullish sentiment and the potential for continued upward momentum in asset prices.
If this trend continues, the price of SUI coin will return to its all-time high of $4.91 and surge towards that level. On the other hand, if profit-taking activity begins, SUI coin price may drop to $3.96invalidating this bullish outlook.
Disclaimer
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