SUI reaches new all-time high with market optimism
The Sui token (SUI) reached a new all-time high (ATH) of $2.38 this Thursday, driven by the victory of Donald Trump in the United States presidential election, a candidate largely in favor of the cryptocurrency sector. With this advance, SUI gained even more confidence among investors and analysts, who now look to the next target at US$3.15.
The market euphoria is not just limited to the token price. Data from DeFi platform DefiLlama shows that the total value locked (TVL) in the SUI ecosystem has reached a new record of $1.09 billion, marking a significant increase since October.
This growth in TVL highlights an increase in the use of the network, which, according to experts, indicates an expanding platform with growing user support.
SUI's daily trading volume has also spiked in recent days, a reflection of increased activity and traders' interest in the asset. Data from Santiment indicates that volume rose from $432.9 million on Saturday to a staggering $2 billion on Wednesday, marking the highest volume recorded since the token's launch.
This increase in trading volume demonstrates strong optimism in the market and increases the asset's liquidity, a crucial factor to sustain its appreciation in the medium term. With growing interest from investors, SUI is gaining strength in the cryptocurrency market, gaining relevance as a high-potential asset.
SUI
According to analyst Manish Chhetri, after finding support at the 50-day exponential moving average at $1.81 on Monday, SUI appreciated more than 25% by Wednesday. Now, with the price stabilized around US$2.24, the asset appears ready to resume its upward trajectory.
He points out that if SUI closes above $2.36, analysts predict the next target will be the 141.40% Fibonacci extension level, which puts the price at around $3.15. This level is considered a psychological milestone for traders, who can start taking profits close to the $3.00 mark.
“Technical indicators reinforce this optimistic outlook. The MACD (Moving Average Convergence Divergence) indicator showed a positive crossover on Wednesday, with the blue line surpassing the yellow signal line, which represents a buy signal. The Relative Strength Index (RSI) also points to bullish momentum, remaining above 50 at 61,” he said.
The analyst also highlights that TVL's growth in the SUI ecosystem reflects users' trust in the platform and its growing adoption. More users are depositing and using assets within SUI-based protocols, which experts say strengthens the support base for the token's long-term growth.