During Friday’s US market session, cryptocurrency markets experienced some relief from the usual correction trend as Bitcoin demand pressure was expected to hit $90,000. The new momentum strengthens several major altcoins, including SUI price, to maintain key support levels. With SUI Total Fixed Volume (TVL) steadily surging, the asset shows potential for the next breakout.
The asset’s market capitalization rose 11.8% on the session to $13.3 billion, according to data from Coingecko. Meanwhile, 24-hour trading volume amounts to $4.5 billion.
Highlights:
- The long tail rejection candle at $3.5 highlights active demand pressure and a market downturn.
- The 20-day and 50-day exponential moving averages provide immediate support for ADA coin.
- A healthy retracement above the 23.6% Fibonacci retracement level could restore the bullish momentum in SUI price, leading to a prolonged rally.
SUI TVL expected to exceed $2 billion due to strengthened DeFi activities
According to DeFiLlama, SUI TVL continued to surge, increasing 21% from $1.43 billion to $1.73 billion in December. This continued growth is indicative of strengthening interest in the SUI ecosystem and increasing user activity and trust in DeFi applications.
With TVL poised to surpass $2 billion, it further solidifies SUI’s position as a major player in the DeFi space, attracting more liquidity, increasing investor confidence, and potentially increasing the value of related assets in the ecosystem.
SUI price shows recovery above key Fibonacci levels, sparking optimism
Cryptocurrency markets this week witnessed a notable correction following Powell’s hawkish speech. Major altcoins saw a surge in selling pressure following Bitcoin’s $100,000 rise, but SUI prices showed resilience.
By press time, SUI price was trading at $4.58, up 12.5% intraday. This sharp rise led to a rebound above the FIB of 23.6% from the $3.5 level. In theory, a recovery from key Fibonacci retracement levels such as 23.6%, 38.2% and 50% is considered healthy for buyers to regain bullish momentum.
Additionally, the altcoin has shown sustainability above the slope of its 50-day EMA, indicating that the broader market trend is bullish. With continued buying, SUI price could result in a bullish breakout of the $5 swing resistance.
According to the Fibonacci pivot levels, we see current redemptions at $6.5 and indirect supply at $7.8.
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