SUI Price Targets 20% Rally as TVL Surges—Bullish Signals Flash
- SUI targets a 20% rally as TVL surges, signaling bullish investor sentiment.
- Technical and on-chain metrics suggest SUI is well-positioned for further gains.
Following a recent update from TradingView data, Sui (SUI), the native token of the Layer 1 blockchain, is showing promising signs of a potential 20% rally, driven by significant increases in Total Value Locked (TVL) and positive on-chain metrics.
TVL Growth Signals Investor Confidence
Recent DeFiLlama data indicates that Sui’s TVL has risen by approximately 5%, reaching $1.43 billion. This uptick suggests growing investor confidence and heightened demand within Sui’s decentralized finance (DeFi) ecosystem. As Mitrade reported:
DeFiLlama data shows that ONDO’s Total Value Locked (TVL) has risen to nearly $654 million, hinting at a rally ahead.
On-chain metrics further support a bullish outlook for SUI. The aggregated funding rate across derivatives exchanges has turned positive for the first time in a week, signaling renewed trader optimism. Additionally, open interest has climbed to $352.55 million, reflecting increased engagement in SUI-related derivatives.
Technical Analysis Points to Potential Rally
Technical indicators also support the case for a rally. The Relative Strength Index (RSI) is trending upward at 38, which, while below the neutral 50 mark, indicates a move toward increased buying momentum. The Moving Average Convergence Divergence (MACD) is showing signs of diminishing negative momentum, suggesting a possible trend reversal.
Currently, SUI is testing support within a Fair Value Gap (FVG) between $2.85 and $3.02. Successfully holding this support could pave the way for a move toward the next FVG, located between $3.0758 and $4.0105, representing a potential upside of approximately 23%.
The convergence of increasing TVL, positive on-chain metrics, and supportive technical indicators suggests that SUI is well-positioned for a potential 20% rally. Investors are advised to monitor these developments closely, as maintaining key support levels could lead to significant gains in the near term.
In line with a previous CNF post-analysis, it was noted that SUI investors were buying 1Fuel as Ethereum price corrections loomed. As of now, SUI is trading at approximately $3.53, with an intraday high of $10.75 and a 4.87% gain in the past week. This performance reflects growing interest in Layer 1 blockchain solutions, a sector where Ethereum (ETH) has long been dominant.
Currently, ETH is trading at around $2,702.66, reflecting a 1.62% increase in the past day and a 0.63% decrease over the past week. See ETH price chart below.
Descargo de responsabilidad: El contenido de este artículo refleja únicamente la opinión del autor y no representa en modo alguno a la plataforma. Este artículo no se pretende servir de referencia para tomar decisiones de inversión.
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