The Sui price is trading at $1.29 as of 12:30 am EST, down 4% over the last 24 hours.
SUI, the native token of the Sui layer 1 smart contract platform, has posted over 106% over the past 30 days, doubling its price from $0.62 to the current value of $1.29.
Protocol TVL jumps 2,000%
Created by the team that led Meta’s Diem stablecoin project, SUI has surpassed $300M in Total Value Locked (TVL) and continues to climb the ranks of DefiLlama’s leaderboard.
Data from DeFi data aggregator DefiLlama reveals that SUI’s total value locked (TVL) has also been increasing over the last three months, rising more than 830% from $54.39 million at the beginning of October. 2023 to the current value of $322.49 million.
Total value locked on Sui. Source: DeFiLama
This sudden milestone underscores the ecosystem’s rapid ascent and further solidifies Sui’s position as a leader in the DeFi space, surpassing Bitcoin to become the 13th-largest blockchain in terms of TVL. This achievement marks a more than 2000% increase in TVL since August.
“$300 million in TVL is a significant milestone—one in a string of achievements the Sui ecosystem has reached only months since mainnet launch,” said Greg Siourounis, Managing Director of the Sui Foundation.
“As market sentiment strengthens and focus turns to the fundamentals of the technology, it is extremely gratifying to see the work of the Sui community bear fruit and Sui’s ecosystem growth leading the industry forward.”
Besides reaching this important TVL result so soon after launching its mainnet, other recent milestones achieved by Sui include surpassing $100 million in bridged USDC, handling the most transactions in a single day by any blockchain.
SUI’s trading volume surpassed $950 million on Jan. 13 after rising approximately 2,200% in three months, according to data from CoinMarketCap.
SUI approaches key levels in the short-term
SUI price bounced off the $0.36 support zone, rising approximately 300% to set a swing high at $1.4486 on Jan. 15.
The 50-day exponential moving average (EMA), the 100-day EMA and the 200-day EMA were still pointing upward and the relative strength index (RSI) is positioned at 69, suggesting that the market conditions still favor bullish traders.
The barrier at $1.40 and $1.44 swing high are key levels to watch on the upside. Other roadblocks may arise from the $1.60 and $1.70 psychological levels.
SUI/USD daily chart. Source: TradingView
Currently, the RSI shows SUI is massively overbought and the ongoing correction could continue over the next few days as sellers book profits.
The first line of defense may emerge from the 23.6% retracement level at $1.92. Additional support areas could be found at $1.0, and the 61.8% retracement level at $0.80.
Lower than that, the SUI price may drop toward the 61.8% fibonacci level at $0.77 and later the 78.6% extension level at $0.60, before revisiting the $0.36 support floor. Such a move would undo all the gains made over the last three months and invalidate the bullish thesis.