All about SUI’s new ATH of $4.43 and the factors that fueled the surge

Sui networks’ total value locked hits an all time high of $1.72 billion.
Sui price has surged by 25.85% to reach an ATH over the past day as well.

As a seasoned researcher with a knack for deciphering crypto trends and market dynamics, I find myself consistently intrigued by the astounding growth of Sui [SUI]. Over the past day, this altcoin has shown an impressive surge, reaching an all-time high (ATH) of $4.43 – a testament to its burgeoning popularity and investor confidence.

Yesterday, I witnessed a remarkable surge in SUI’s value, pushing it to an all-time high of $4.43. Starting from a low of $3.529, the price skyrocketed by approximately 25.85% over the past week, as shown on the 7-day chart.

Moreover, the trading volume of this altcoin significantly increased by 71.5%, amounting to approximately $4.24 billion. Additionally, its market capitalization expanded to $12.54 billion. This substantial growth was primarily fueled by robust momentum and an increasing Total Value Locked (TVL), a term that refers to the total amount of cryptocurrency assets locked within smart contracts on a blockchain platform.

Sui Network TVL hits an ATH

Based on Lookonchain’s reports, the total value locked (TVL) in the Sui network has soared to a record peak, exceeding $1.68 billion and climbing further to $1.72 billion.

Reaching this latest achievement demonstrates that investors are increasingly optimistic about Sui, as evidenced by the escalating activity within the network. This suggests that the demand for Sui remains high and its user base is steadily expanding.

Generally speaking, when the amount of money or value locked within an asset continues to increase, it often indicates growing usefulness and demand for that asset. This situation tends to put more pressure on the asset’s value to rise, leading to higher prices.

It’s been observed that the price of Sui has reached a record peak, simultaneously achieving an all-time high in its Total Value Locked (TVL).

Consequently, since Sui’s TVL (Total Value Locked) has remained consistently above $1.4 billion over the past months, it indicates a continuous flow of capital into the platform. Given this situation, it seems plausible that the altcoin could maintain its upward trajectory.

Impact on price charts?

It appears that Sui is currently gaining significant traction, as suggested by the rising investment flow, which indicates a positive outlook among investors.

Initially, it’s noticeable that there’s a lot of optimism from those who have taken long positions. As per Coinglass, the long/short ratio for Sui suggests that long positions outnumber short ones in the market. This indicates that a majority of investors are anticipating prices to increase.

As a crypto investor, I’ve noticed an impressive surge in Sui’s open interest per exchange. It’s gone from $16.3 million to a staggering $378.44 million! This increase indicates that fresh investors are jumping into the market, establishing new positions, and seasoned ones are maintaining their existing ones.

To put it simply, the MACD (Moving Average Convergence Divergence) has recently displayed a bullish pattern. In other words, the MACD line has crossed above the signal line within the last day. This suggests a significant rise in the market where buyers are in control and driving the trend upward.

Read Sui’s [SUI] Price Prediction 2024-25

Essentially, there’s growing demand for Sui as more capital is flowing into it, indicating a bullish trend. This strong, ongoing capital influx positions Sui favorably for further price increases according to its charts.

Under present circumstances, it’s likely that SUI could reach a new all-time high (ATH) as there appears to be minimal obstruction at its current value of around $4.3.

2024-12-06 15:03

Sui Network TVL hits an ATH

Impact on price charts?

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