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.
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 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.
This post was last modified on Dec 06, 2024, 12:34 GMT 12:34