- Summary:
- SUI price has all the elements of a sustained upside, with strong growth in its DeFi performance. What are the odds of a decline?
SUI price spiked to all-time highs of $4.49 on Friday, going against the grain on a day when the wider crypto market declined. However, the coin declined moments later, going by 0.98 to trade at $4.18 at the time of writing. The crypto market subsided on Friday, following Bitcoin’s cue after the market bellwether dropped to the $98k territory.
BTC reached an all-time high $103,679 on Thursday, but a consolidation period seems to have set in. Meanwhile, SUI gained 21% in the last seven days, creating significant traction to sustain an upsurge.
DeFi Powers SUI price
The SUI DeFi ecosystem has recorded an uptick in activity, with the Total Value Locked (TVL) rising by 6% to $1.715 billion in the last 24 hours. SUI has 49 protocols and is currently the eighth-largest chain in the DeFi ecosystem. The rising TVL underlines increased utility for SUI, which could add tailwinds to the coin’s price.
The Sui blockchain is increasingly being seen as a potential threat to Tron and Solana, thanks to its fast transaction speeds coupled with low costs. Also, the asset’s trading volume rose by 76% in the last 24 hours as per CoinMarketCap.
Rising volumes during a price rise is typically interpreted as a bullish signal for an asset. However, SUI’s upside could suffer a contagion effect if Bitcoin’s consolidation extends for a prolonged period.
SUI price prediction
SUI price has established a pivot point at $4.14, and the momentum calls for further upside above that mark. With that, the first resistance could come at $4.14. A stronger upside momentum will break above that level. That could potentially strengthen the upside momentum to test $4.50.
On the other hand, moving below $4.14 would shift the momentum to the downside In that case, immediate support is likely to be at $4.40. However, extended downward momentum will break below that level, which would invalidate the upside narrative. A stronger downside momentum will break below that level, which would invalidate the upside narrative. Also, that could potentially strengthen the momentum to test $3.87.
