TLDR
- TVL on Sui network has increased by 5% to $1.43 billion, with ONDO contributing $654 million, indicating growing investor confidence
- SUI is testing support between $2.85-$3.02, with technical analysis suggesting potential upward movement to $3.07-$4.01 range
- On-chain metrics show positive funding rates and increased open interest of $352.55 million
- Current trading price is $3.53, showing a 4.87% gain over the past week
- Technical indicators like RSI and MACD suggest diminishing negative momentum and possible trend reversal
Recent data from multiple sources indicates that Sui (SUI), the native token of the Layer 1 blockchain platform, is showing promising signs of recovery. The network’s Total Value Locked (TVL) has increased by 5% to reach $1.43 billion, suggesting growing confidence among investors and users in the platform’s ecosystem.
According to DeFiLlama, a leading DeFi analytics platform, ONDO protocol on the Sui network has contributed substantially to this growth, with its TVL reaching $654 million. This increase represents a major portion of the network’s total locked value and highlights the growing adoption of DeFi applications on the Sui blockchain.
Technical analysis of SUI’s price action reveals that the token is currently testing a crucial support zone between $2.85 and $3.02. This price range, identified as a Fair Value Gap (FVG), could serve as a springboard for future price movement. Market analysts suggest that if SUI maintains this support level, it could target the next FVG zone between $3.0758 and $4.0105.
On-chain metrics provide additional support for the potential recovery narrative. The funding rate across major derivatives exchanges has turned positive for the first time in a week, indicating that traders are becoming more optimistic about SUI’s price prospects. This shift in sentiment is particularly notable given the recent market volatility.
The open interest in SUI derivatives has reached $352.55 million, showing increased trader engagement and market participation. This metric suggests that more traders are taking positions in SUI, which could lead to increased price action in the coming days.
Looking at technical indicators, the Relative Strength Index (RSI) currently stands at 38 and is trending upward. While this reading is still below the neutral 50 mark, the upward trajectory suggests building momentum in buying pressure. The Moving Average Convergence Divergence (MACD) indicator also shows signs of improving momentum.
Trading data shows that SUI is currently priced at $3.53, with recent price action including an intraday high of $10.75. The token has recorded a 4.87% gain over the past week, outperforming several other Layer 1 blockchain tokens during the same period.
Market observers have noted increased activity across various DeFi protocols on the Sui network. This growth in protocol usage suggests that developers and users are finding value in building and using applications on the Sui blockchain.
The network’s transaction volume has also shown steady growth, indicating sustained user engagement. This metric is particularly important as it reflects actual usage of the network rather than speculative trading activity.
Data from multiple exchanges shows healthy trading volumes for SUI, with balanced buy and sell pressure. This equilibrium in trading activity suggests that the current price levels have found temporary stability.
The derivatives market for SUI has shown increasing maturity, with more sophisticated trading products becoming available. This development often indicates growing institutional interest in a digital asset.
Recent protocol updates and improvements to the Sui network infrastructure may have contributed to the positive market sentiment. The network’s ability to handle increased transaction loads without performance issues has been noted by technical analysts.
Liquidity metrics for SUI have improved across major trading venues, making it easier for traders to enter and exit positions without causing major price impacts. This improvement in market depth is often considered a positive sign for price stability.
The network’s developer activity remains robust, with regular updates and improvements being pushed to the protocol. This consistent development work often correlates with long-term value creation for blockchain platforms.
Market data indicates that SUI’s price correlation with larger cryptocurrencies has decreased slightly, suggesting that its price movement is increasingly driven by network-specific factors rather than broader market trends.
For perspective on the broader market, Ethereum (ETH) is currently trading at $2,702.66, showing a 1.62% increase over the past day and a 0.63% decrease over the past week.
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