Sui Token Sees Tremendous Growth in Price and TVL
The native token of the blockchain network Sui, SUI, has experienced significant growth in both its price and underlying platform metrics over the past week. SUI’s price has surged over 80% in 7 days, reaching over $1.40. Additionally, the total value locked (TVL) on the Sui network has surpassed $330 million after starting the year below $100 million.
Key Points
- SUI price has risen 73% in 3 days, overcoming previous resistance at $1.245. However, the RSI is overbought, indicating a potential retracement to $1 levels.
- SUI has hit a new all-time high price of $1.43. This comes amid strong on-chain metrics like rising TVL, now over $300 million. Interest and trading volumes for SUI are also increasing.
- SUI’s TVL has now surpassed Bitcoin’s, reaching over $330 million. This indicates strong confidence in SUI compared to Bitcoin post-ETF approval. SUI ranks 13th globally for TVL.
- Upcoming integration of Solend protocol on Sui is further boosting momentum for the token.
- SUI price has rallied over 11% in 24 hours due to the strong on-chain metrics and TVL growth. Prices are holding well above $1.40.
Sui Surpasses Bitcoin in TVL
Sui’s explosive growth in TVL has allowed it to surpass Bitcoin’s TVL, demonstrating strong confidence in the network compared to the more established Bitcoin. Currently ranked 13th globally for TVL, Sui’s increased usage and value flow into its dApps can be attributed to factors such as the upcoming integration of the Solend lending protocol, rising trading volumes, and high open interest. These platform metrics and fundamentals suggest long-term upside potential for SUI.
SUI Price Overcomes Resistance
After range-trading between $0.80 and $1.00 for over a month, SUI finally broke out in January 2023, surpassing resistance at $1.25 and reaching a new all-time high around $1.45. While there may be some retracement in the near-term due to overbought conditions, the strong platform metrics and on-chain fundamentals indicate potential for further growth.
What is Sui?
Sui is a layer-1 blockchain that aims to achieve high speed and scalability compared to existing chains like Ethereum. It utilizes horizontal scaling called transaction parallelization, allowing different types of transactions to be validated simultaneously across nodes. The network uses the Move programming language for smart contracts and employs proof-of-stake consensus. Sui’s native token, SUI, is used for gas fees and storage costs. The network plans to distribute SUI tokens through an incentivized testnet.
Hot Take: Sui Poised for Outperformance in 2023
Sui’s innovative technology, focus on developers, and strong platform metrics position it as a clear winner amidst recent crypto market uncertainty. With its prices breaking out to new highs and sustained platform usage, SUI has the potential to outperform broader crypto markets in 2023.
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