Sui Analysis: Total Value Locked Approaches $1 Billion Amidst Price Rally
Sui TVL Approaches Milestone
Sui's Total Value Locked (TVL) is nearing $1 billion, indicating significant growth in the altcoin landscape. On August 5, during a broader crypto market crash, Sui's TVL fell to $342 million. Since then, it has surged nearly threefold, now showing $913 million according to DeFiLlama data.
Growth Comparison to Solana
This rapid increase in TVL has pushed Sui ahead of Polygon (POL) and close to the crucial $1 billion milestone. As TVL reflects the dollar value of assets staked within a protocol, a rise signals increasing trust in Sui and indicates a healthy ecosystem.
- TVL Increase: Sui’s 40% rise over the past 30 days
- Market Position: Outpacing other top altcoins
Sui's Social Dominance and Price Prediction
Alongside TVL, Sui has seen a spike in social dominance, indicating increased discussion about the token, which suggests rising demand. On the daily chart, SUI bulls are faced with resistance at $0.83 with potential for a rise of 42% towards the all-time high of $2.18 if bullish trends continue.
- Potential Outcome: If current trends hold, SUI could push higher.
- If demand fails to meet expectations with 64 million tokens unlocking on October 1, a price correction back to $1.32 may occur.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.