SUI Aiming to Break Above $3.30 Amid Acceleration in TVL and Stablecoin Growth
Cryptocurrency SUI is on the cusp of a breakout as it seeks to surpass the $3.30 mark, buoyed by significant growth in both Total Value Locked (TVL) and the increasing supply of stablecoins. According to market expert Michaël Van De Poppe, SUI has gained nearly 4% in value during recent analysis, with a bullish trend emerging as TVL and on-chain activity accelerates.
Market Overview
As of Monday, SUI was trading at approximately $3.11, reflecting a 3.85% increase over the last 24 hours. The asset experienced a session high of $3.1554 before stabilizing just above $3.10. This rise came amid a backdrop of robust trading volume, suggesting an eagerness among investors to accumulate SUI while it holds above critical support levels.
The overall cryptocurrency market also displayed mixed performances on Monday. Bitcoin (BTC) was trading at $106,659.79, experiencing a slight decline of 0.44%. Ethereum (ETH) was down by 2.13%, trading at $2,574.72. ## Key Developments for SUI
The latest market analysis indicates that stablecoin supply on the Sui network has surged from $400 million in January to nearly $1.2 billion currently. This increase is complemented by the substantial rise in TVL, which now stands at $1.8 billion, placing SUI in the third position among non-EVM chains. Additionally, the recent adoption of wallets on the platform has been bolstered by the integration of Phantom and the relaunch of Slush, a rebranded SUI wallet.
SuiLend, the lending platform associated with the protocol, has seen its TVL jump by a remarkable 90% within the last month, surpassing $600 million. Van De Poppe highlighted this significant growth and the current bullish chart formation as potential catalysts for a strong breakout, particularly if SUI manages to hold above the $3.30 mark, which he describes as a critical liquidity zone.
Price Action and Technical Analysis
During the period analyzed, SUI fluctuated between $2.9742 and $3.1554, marking an intraday movement of 6.09%. Following a breakthrough of the resistance level at $3.08, the price established a support zone between $2.96 and $2.97. Notably, trading volume surpassed 12 million units between 1:00 and 7:00 GMT, underscoring significant market interest.
As trading progressed, SUI’s price steadily moved above $3.12 with a volume spike exceeding 1 million units, initiating a bullish breakout. Between 13:56 and 14:03 GMT, strong price action facilitated the creation of a new support bracket around $3.12. By the close of the analytical timeframe, SUI advanced from $3.09 to $3.13, affirming ongoing bullish patterns in its price structure.
Conclusion
The current trajectory and market dynamics indicate that SUI could be positioned for further gains if the breakout above $3.30 is achieved. Analysts remain optimistic, considering the rising activity in stablecoins and the overall growth in TVL. Investors will undoubtedly keep a close watch on SUI as it navigates this pivotal moment in its trading journey.
Recent Developments in the Crypto Space
The cryptocurrency market continues to evolve, with developments such as XRP reaching a milestone of 12 years, and institutions showing strong demand for platforms like Deribit. Meanwhile, memecoin accounts on social media platforms have faced scrutiny, reflecting the increasing regulatory focus in the crypto industry.
For the latest updates and market insights, stay tuned to our news coverage.