SUI's price has seen an impressive rise of 27.82% in the last 30 days, driven by critical changes in its Total Value Locked (TVL). After experiencing a surge, SUI seems to be entering a consolidation phase, indicating a pause in upward momentum and possible market indecision.
The future trajectory of SUI depends on whether its TVL experiences renewed growth or remains stagnant. There is a potential for correction if these conditions persist.
SUI's TVL soared phenomenally from $308 million to $1.096 billion between August and October, marking a growth of 255%. The price accumulation followed accordingly, jumping from $0.46 to $2.36, tallying a 391% increase.
However, SUI's TVL has stabilized around $1 billion since early October, suggesting potential consolidation or preparation for a correction as growth slows.
The Average Directional Index (ADX) of SUI is currently at 16.82, indicating weak trend strength, which implies limited market movement with the possibility of increasing bearish momentum.
The ADX's recent value of 9 increased, indicating rising market trend strength. If ADX continues to rise, SUI could encounter an intensified bearish momentum and a potential correction.
Email Moving Average (EMA) lines suggest short-term averages might soon fall below long-term averages, marking a bearish crossover or death cross, which could signal growing bearish sentiment.
Pivotal support levels exist at $1.74 and $1.60, with a potential correction up to 17%. If the TVL increases, resistance could be tested at $2.16, and potentially $2.36, marking a 21% increase.
