- SUI has topped the crypto market by gains for the month of August
SUI set to replicate Solana’s success in early days as TVL noted steady growth
As a seasoned researcher with over a decade of experience in the crypto market, I must admit, I’ve seen my fair share of market fluctuations and trends. However, the current trajectory of SUI is something that has piqued my interest significantly.
Following the steep decline in the crypto market on August 5, sparked by Japan’s stock market plunge, I observed a robust recovery. Initially, there were substantial losses across major cryptocurrencies, but since then, they’ve managed to bounce back.
It turns out that, based on CoinMarketCap’s data, here are the top five cryptocurrencies with the highest increases in August: Sui (SUI) skyrocketed by 68.65%, Helium (HNT) soared by 49.27%, Aptos (APT) climbed by 32.29%, Toncoin (TON) jumped by 26.28%, and Fantom (FTM) saw a rise of 26.13%.
The restoration of the SUI network showcases its robustness and enduring power, making it an attractive prospect for long-term investments due to its demonstrated resilience.
During this current period, SUI is proving itself as a formidable competitor among Layer 1 (L1) blockchains, much like Solana ($SOL), Avalanche ($AVAX), and Fantom($FTM) did in the previous cycle. The ecosystem surrounding SUI appears to be brimming with potential for a steep upward trend.
Important elements are reliable technology, support from leading market figures, continual expansion of the Total Value Secured (TVS), and presence on prominent trading platforms.
It’s noteworthy that the path of SUI now seems similar to Solana’s initial phase, which suggests it might follow in Solana’s footsteps and achieve similar levels of success.
It’s not just that, some analysts are anticipating significant growth for SUI, with potential gains as high as 2500%. They arrive at this projection by comparing Solana’s (SOL) initial market performance and noting the similarities between SOL’s 2-day market cap chart and the 2-day price chart of SUI/USDT.
Total crypto market cap on the weekly chart forms a doji
Currently, as I’m typing this, the chart showing the cumulative value of all cryptocurrencies is displaying Doji candles appearing week after week. This pattern suggests an equilibrium between those buying and selling, potentially indicating a shift in market direction.
Following surrender, the market underwent a test of both established and unproven demand levels, resulting in a substantial recovery. Typically, prices return to test support following breakouts, often swiftly; however, on this occasion, it required several months for the retracement.
Although several technical signs point towards altcoins potentially reaching their lowest point, the future still carries an element of uncertainty. Given this, it’s prudent to get ready for a possible rally in the SUI Network, should one occur.
Rising Total Value Locked
As a proud crypto investor, I’ve been thrilled by the impressive expansion of the SUI ecosystem. Just look at the Total Value Locked (TVL), which has skyrocketed from a mere $12 million in the middle of 2023 to an astounding $622 million as we speak!
Even though SUI has dropped 58% from its peak value, surprisingly, its Total Value Locked (TVL) has decreased by just 17%. This resilience implies that users continue to stay engaged with the platform, demonstrating their commitment.
Moreover, the ecosystem is flourishing, as four SUI protocols have amassed more than $90 million in Total Value Locked (TVL).
As an analyst, I can confidently say that this showcases the robustness of the platform’s current performance and its promising prospects for enduring success in the long haul.
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2024-08-18 03:03