In This Post:
- SUI price climbs to $1 with strong market support.
- Sui Network records 2.14 billion transactions in 2024.
- A breakout above $1.1 could push the price higher.
The price of SUI went up by 20% on Friday, performing better than many other cryptocurrencies. This increase followed a 5% rise in Bitcoin’s price, which helped boost SUI. The price is now above the 50-day moving average, showing a positive short-term trend.
SUI Gains Strength with High Transactions and TVL Growth
SUI, a blockchain network, is becoming a popular choice for decentralized apps (dApps). In 2024, Sui Network saw 2.14 billion transactions, more than other big networks like Tron and Ethereum. This shows that more developers and users are choosing Sui, making it stronger in the market.
The Total Value Locked (TVL) in Sui has also grown a lot. Since early August, the TVL has increased by 90%, from $342.8 million to $654.2 million. This growth means more money is being invested in Sui, showing confidence in its future.
Currently, SUI is trading at $1.025, with a market cap of $2.66 billion.
SUI Price May Continue to Climb
Despite some market uncertainty, the SUI price found strong support at $0.8. This support helped the price rise by nearly 30%, pushing it above $1. The price chart shows a bullish pattern called an inverted head and shoulders, which often leads to further price increases.
If the buying continues, SUI could rise another 7% and break through the resistance at $1.1. If it passes this level, the price could reach $1.2 and maybe even $1.43.
However, if the market weakens, SUI’s price might fall from the $1.1 resistance and drop back below $0.8.
Looking Forward
SUI’s price reaching $1 is supported by strong market factors, including high transaction volume and a big rise in TVL. If the positive trend continues, SUI could break past $1.1 and go even higher. However, there is still a risk of the price dropping if market conditions change.
