SUI has recently emerged as one of the top-performing altcoins, posting an impressive 120% surge since early September. 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's rising TVL 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. On August 5, during a broader market crash, SUI's 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.
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. Technical levels indicate that SUI must keep above $1.40 to sustain momentum. Reclaiming $1.71 would position SUI to challenge its all-time high.
A deeper correction is possible if SUI loses its current price levels, but lower demand zones around $1.25 or even $1.17 might provide support. The overall bullish outlook remains intact if the price stays within these key levels.
