SUI has recently become one of the best performing altcoins, seeing an impressive 120% escalate since early September.

This pointed price escalate has caught the attention of investors and analysts alike, as DefiLlama data shows that the total value locked (TVL) of SUI shares is approaching $1 billion.

The rising TVL has fueled speculation that SUI could be on the verge of hitting a novel all-time high, with many pointing to its growing ecosystem and growing adoption as key factors driving this momentum.

SUI is currently testing a critical resistance level, a breakout of which could trigger a price rally that could threaten its all-time high of $2.18. As market conditions continue to change and interest in decentralized finance grows, many are closely watching SUI for its potential to lead the next altcoin rally.

If resistance holds, the price could consolidate before making a stronger move higher. However, if bulls break through, it could set the stage for a significant move higher, positioning SUI as a standout performer in the cryptocurrency space.

Rising TVL SUI suggests growing demand

SUI has sparked a wave of optimism among investors and traders who believe the Layer 1 blockchain is poised to become one of the biggest winners of the ongoing bull market.

Key indicators and analysts’ observations indicate growing interest in SUI, driven not only by individual investors but also by institutions that are increasing its price.

On August 5, during the broader market crash, SUI’s total value locked (TVL) fell to $342 million. However, the blockchain has since seen an impressive recovery, with its TVL increasing almost threefold to $885 million, according to data from DeFiLlama.

TVL is a key metric that reflects the total dollar value of assets staked or locked in the protocol. A decrease in TVL indicates a withdrawal of liquidity, while an escalate, such as SUI’s 40% escalate in the last 30 days, signals growing confidence in the project and a healthier ecosystem.

This pointed escalate in TVL is a positive sign, suggesting that the SUI network is enjoying greater liquidity and interest.

Currently, SUI is only 40% below its all-time high, creating the perfect environment for bulls who believe the project is poised for explosive growth. Many predict that SUI could be one of the breakout stars of this cycle as its ecosystem continues to grow and investor confidence grows.

Technical levels to look out for

SUI is now trading at $1.55 after a massive 60% gain since last Tuesday, showing mighty momentum in the market. Price has moved higher on increased volume, consolidating just below a key supply level – a sign of strength and confirmation of the uptrend. Bulls need to keep SUI above $1.40 to maintain momentum. Once a supply zone, this level could now act as a novel demand zone.

A consolidation above $1.40 could see the price rallying higher, specifically towards $1.71. A reclaim of $1.71, a key supply zone, would allow SUI to challenge its all-time high. A breakout of this level would set the stage for further price growth and possibly a novel ATH.

A deeper correction is possible if SUI loses its current price levels. Lower demand zones around $1.25 or even $1.17 could provide support. This would tardy the rally, but the overall bullish outlook remains intact if the price holds at these key levels.

Featured image is from Dall-E, chart is from TradingView