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.
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.
You may also be interested in:
- Why is Arcblock Price Up By 140%? Analyst Warns ABT Investors Of This Metric
- Why Ronin’s Price Tumbled After a Major Exchange’s Listing Mix-Up: Will the RON Listing Lead to a Rebound?
- Presale grows and grows – Ripple (XRP) & BNB (BNB) holders continue the bull run in Pushd (PUSHD) presale as 2024 shows big rewards
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters