According to data from DefiLlama, SUI’s total value locked (TVL) has reached new all-time highs, indicating a robust demand for its decentralized finance (DeFi) ecosystem. The rising TVL highlights a growing interest from users and developers, further boosting confidence in SUI’s long-term potential.

The price surge is not just driven by market sentiment but is backed by tangible growth in the platform’s fundamentals. With both TVL and user engagement increasing, the positive outlook for SUI continues to build. Investors are now eyeing higher price targets as they anticipate further growth for the layer-1 blockchain in the coming weeks.

As SUI pushes to higher levels, its performance reflects both strong market support and underlying network growth, making it one of the most talked-about projects in the crypto space.

SUI TVL Signals Ongoing Rally

SUI is currently testing a crucial supply level around the $2 mark, a psychological barrier that, once surpassed, could pave the way for a surge to new highs.

Analysts are watching this level closely, as breaking through it would likely trigger a strong bullish move. On-chain data from DefiLlama supports this optimism, revealing that SUI’s total value locked (TVL) has reached an all-time high of $1.07 billion. This marks a remarkable 65% increase in TVL over the past 30 days, signaling growing confidence in the platform’s utility and long-term potential.

The rise in TVL is a net positive for the SUI coin, as it reflects the increasing adoption of the Sui ecosystem. As more value flows into the network, the demand for SUI tokens will likely grow, creating upward pressure on its price. Investors often view rising TVL as a bullish signal, suggesting that the platform is gaining traction and trust among users.

If these positive trends in TVL and overall network activity continue, a rise above SUI’s previous all-time high of $2.16 seems likely in the coming weeks. With momentum building, many expect SUI to achieve further gains, reinforcing its position as a leading layer-1 blockchain.

Price Action: Liquidity Levels To Watch

SUI is currently trading at $1.89, just 15% away from its all-time high of $2.18. The recent price action has been promising, with an 8% surge in the past hours. Many analysts believe that if SUI can break above the critical $2 level, the chances of reaching new all-time highs are very high. This psychological barrier could trigger a wave of buying pressure, pushing the price to new levels.

However, some investors are cautious, expecting a healthy correction before further upward movement. If SUI fails to break past the $2 mark, a retracement to support levels around $1.60, or even down to $1.45, would not be unexpected. Such a correction could provide a solid foundation for the next bullish leg, allowing SUI to gather momentum before attempting to breach the $2 resistance again.

Despite this, the overall sentiment remains optimistic, with many investors holding out for a new all-time high shortly. SUI’s recent performance and market dynamics suggest that the coming days will be crucial for determining its next move.

Featured image from Dall-E, chart from TradingView

From ‘SUIptember�To ‘Uptober�/h2>

In the past three months, SUI’s price surged 114%, moving from the $0.8 mark to the $1.75 price range. The cryptocurrency was among the best performers throughout Q3, registering green numbers while most tokens bleed during the market retraces.

In August, the token saw up to 50% price surges amid the market downturns, registering a 73% recovery from the monthly lows and 14% from its opening price. This month, the token also saw a massive increase from September’s opening, registering a 119% surge in the last 30 days.

Market analyst Crypto Bullet noted that SUI’s monthly candle is “absolutely phenomenal�as it has been retesting levels unseen since April and is sitting 20% below its all-time high (ATH) of $2.17.

The analyst previously suggested that the cryptocurrency was poised to test and break its major resistance level of $2 in Q4, which is usually a bullish period for the market, and reach a new ATH around the $5 mark.

During its 10% jump over the weekend, SUI tried to reclaim the $1.85 resistance but dropped to the $1.7 support zone as the market saw a 2.5% dip in the past day. Since the drop, the token has been hovering between the $1.70-$1.75 price range, recovering its levels from 24 hours ago.

Sui Network Milestones Fuel The Token’s Rally

The sentiment surrounding SUI seems fueled by the networks�recent achievements. According to Artemis Terminal data, Sui Network surpassed all other chains in daily net flows on Monday, reaching $6.8 million in positive net flows in the past day. Comparatively, Ethereum and Solana registered $4.9 million and $3.4 million net flows in the last 24 hours.

The network also had the second-largest daily inflows by chain with $10.3 million, only surpassed by Ethereum’s $35.8 million. Moreover, the chain reached the long-awaited $1 billion Total Value Locked (TVL) milestone on Sunday, less than two years after its Mainnet launch.

Nonetheless, many investors and crypto analysts consider that the upcoming October unlock event could negatively affect SUI’s performance. The event will unlock 64.19 million tokens worth $112 million, increasing the cryptocurrency’s circulating supply by 2.4%.

Despite the unlock, some market watchers consider the cryptocurrency’s performance will continue its bullish rally. Crypto analyst Bluntz recently called the token “a certified beast�due to its recovery from the dips.

Bluntz noted that “every dip on 4h end up abc-looking and keeps trucking higher,�including the latest weekend drop. He suggested that the token is still in the “macro wave 3 still and hasn’t even had a wave 4 yet.�/p>

Per his chart, SUI’s wave three will target the $2 resistance level before retracing to the $1.65-$1.70 support zone in wave 4, setting the wave five’s target around $2.6.

As of this writing, the cryptocurrency is trading at $1.76 and has outperformed the global crypto market in the past week, according to CoinGecko data.

This rapid price increase has captured the attention of both investors and analysts, as data from DefiLlama reveals that SUI’s Total Value Locked (TVL) is approaching the $1 billion mark.

The rising TVL has fueled speculation that SUI could be on the brink of reaching a new all-time high, with many pointing to its growing ecosystem and increasing adoption as key factors driving its momentum.

Currently, SUI is testing a critical resistance level, which, if broken, could trigger a surge in price that may challenge its all-time high of $2.18. As market conditions continue to evolve and interest in decentralized finance grows, many are watching SUI closely for its potential to lead the next altcoin rally. 

Should the resistance hold, the price may consolidate before making a stronger push higher. However, if bulls breakthrough, it could set the stage for a significant upward movement, positioning SUI as a standout performer in the crypto space.

SUI Rising TVL Suggests Growing Demand 

SUI has ignited a wave of optimism among investors and traders who view the Layer-1 blockchain as poised to become one of the biggest winners in the ongoing bull run.

Key metrics and insights from analysts reveal a growing interest in SUI, driven not only by retail investors but also by institutions pushing its price higher. 

On August 5, during a broader market crash, SUI’s Total Value Locked (TVL) plummeted to $342 million. However, since then, the blockchain has staged an impressive recovery, with its TVL surging nearly threefold to $885 million, according to data from DeFiLlama.

TVL is a critical metric that reflects the total dollar value of assets staked or locked within a protocol. A decrease in TVL indicates liquidity is being withdrawn, while an increase, such as SUI’s 40% rise over the past 30 days, signals growing trust in the project and a healthier ecosystem.

This sharp increase in TVL is a positive sign, suggesting that SUI’s network is attracting more liquidity and usage.

Currently, the price of SUI is just 40% below its all-time high, creating an ideal setup for bulls who believe this project is poised for explosive growth. Many anticipate that SUI could be one of the breakout stars of this cycle, as its ecosystem continues to expand and investor confidence strengthens.

Technical Levels To Watch

SUI is now trading at $1.55 after a massive 60% rally since last Tuesday, showing strong momentum in the market. The price has increased with increasing volume, consolidating just below a key supply level—a sign of strength and confirmation of a bullish trend. Bulls must keep SUI above $1.40 to sustain momentum. Once a supply zone, this level may now act as a new demand zone.

Consolidating above $1.40 could drive the price to higher levels, specifically toward $1.71. Reclaiming $1.71, a crucial supply zone, would position SUI to challenge its all-time high. Breaking through this level would set the stage for further price appreciation and possibly a new ATH.

A deeper correction is possible if SUI loses its current price levels. Lower demand zones around $1.25 or even $1.17 might provide support. This would slow the rally, but the overall bullish outlook remains intact if the price stays within these key levels.

Featured image from Dall-E, chart from TradingView