Sui TVL Hits New All-Time High — Is a Price Breakout Next?
Sui’s whole worth locked (TVL) soared above $2.6 billion, setting a new file high, as decentralized finance (DeFi) exercise surges in October.
The improvement comes because the SUI token continues to face market challenges. However, market analysts are optimistic that the asset can stage a notable breakout.
Sui Shatters TVL Records In October
According to information from DefiLama, Sui’s DeFi ecosystem hit new information, with whole worth locked climbing to over $2.6 billion this week.
“TVL is above $2.6 billion now, 12.82% enhance over the previous week. Defi actions are heating up with Cetus, Bluefin and suilend main,” an analyst posted.
Sui’s hovering TVL displays extra than simply a bullish section — it indicators a lasting shift in DeFi market share. According to a blog from the Sui Foundation, the community’s whole worth locked climbed from underneath $250 million firstly of 2024 to over $1.75 billion by year-end. Now, with TVL surpassing $2.6 billion, Sui has recorded greater than a tenfold enhance in lower than two years.
Furthermore, the community has additionally surpassed its friends in stablecoin dominance. As of October 7, SUI’s stablecoin market cap reached $921 million, outpacing networks like TON, Mantle, and Optimism.
Besides community development, institutional curiosity is rising as effectively. The new Altcoins ETF (DIME) by CoinShares offers US buyers entry to SUI and different layer 1 belongings, suggesting higher confidence and capital influx
Analysts Turn Bullish on SUI’s Price
Despite Sui network’s surge, its token nonetheless lags behind. BeInCrypto Markets information confirmed that SUI’s value has dropped 5.7% over the previous month.
At the time of writing, the altcoin traded at $3.40. This represented a drop of two.11% over the previous day.
Yet, many market analysts consider that a value restoration possibly close to. According to market watcher, CryptoPulse SUI is consolidating inside an ascending triangle sample — a bullish formation that usually precedes a breakout.
The analyst highlighted resistance between $4.12 and $4.45, noting that a transient pullback towards the $3.20–$3.18 assist zone stays doable earlier than a potential rebound.
Analyst Michaël van de Poppe additionally added that SUI may very well be on its technique to attain a new file high.
Thus, whereas the indicators and fundamentals stay bullish, it stays to be seen whether or not the worth can truly rise to file highs or whether or not extra dips will observe.
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