SUI Faces Make-or-Break Moment at This Support As Network Crosses Major TVL Milestone

Sui’s native asset, SUI, powered significantly higher in 2024 on a wave of enthusiasm for its novel L1 smart contract architecture focused on security and scalability. 

Trader Teshkid highlights $1.50 as the crucial support following the breakdown from its local highs around $1.66. Losing this base risks a plunge towards $1.36, marking the next demand zone for SUI:

“Sui is breaking down after a massive rally to $1.6620. $1.5049 is my next target which is also support.”

On the other hand, a swift turnaround and closeback above $1.50 resistance could signal a pending bottom and reduce panic conditions, according to Teshkid. Still, certainty around a durable landing spot remains tenuous until that area proves itself on multiple retests.

Optimism Persists on TVL Growth and Breakthroughs

Meanwhile, analyst CryptoBullet echoes the optimistic longer-term outlook, citing impressive monthly candles and a surging total value locked across Sui’s protocol ecosystem exceeding $500 million. The rapid TVL growth mirrors other gauges of network activity and engagement that surpassed 6,000 transactions per second at peaks.

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The TVL currently stands at $515.5 million, up 4.42% in the last 24 hours, according to the data from DefiLlama.

However, despite these impressive adoption metrics, SUI faces a critical fork in the road as it approaches former support at $1.50. Capitulating below this zone risks an extended correction targeting the $1 region.

Yet a decisive bounce could set the stage for SUI to solidify a macro price bottom ahead of resumed upside trajectories. As such, analysts broadly expect continued volatility around these make-or-break levels before determining the next likely trend for Sui.

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!