- Sui Networks’ total valuation reached an all-time high of $1.72 billion.
- Sui price surged 25.85% over the past day and reached ATH.
Over the past day, Sui (SUI) has shown strong gains, hitting an all-time high of $4.43. The price rose from a low of $3.529 and is up nearly 25.85% on the 7-day chart.
In addition, altcoin trading volume surged 71.5% to $4.24 billion, and the market capitalization reached $12.54 billion. This rise was largely driven by strong momentum and total value locked (TVL) growth.
Sui Network TVL hits ATH.
According to Lookonchain, Sui Network TVL surpassed $1.68 billion and reached $1.72 billion, an all-time high.
Source: Lookonchain
This new milestone signals continued growth in demand and adoption, reflecting strong investor confidence and increasing network activity within the Sui ecosystem.
A sustained increase in the total value, which is mostly fixed, is generally associated with increased utility and interest in the asset. This creates favorable conditions for upward pressure on values, driving prices up.
This phenomenon was witnessed with Sui price hitting new highs and TVL also reaching ATH.
Therefore, the fact that Sui has held TVL with a constant value of more than $1.4 billion over the past few months suggests continued capital inflows. Therefore, these conditions are suitable for altcoins to continue their upward trend.
Does this affect the price chart?
As observed above, Sui is experiencing strong momentum, evidenced by increasing capital inflows, indicating bullish sentiment.
First of all, we can see this strength among long position holders. According to Coinglass, Sui’s long/short ratio shows that long positions dominate the market. This means that most investors are betting on prices rising.
Source: Santiment
Additionally, Sui’s open interest per exchange jumped from $16.3 million to $378.44 million. Increasing open interest means that new investors are entering the market with new positions while others are continuing to hold positions.
Source: TradingView
Finally, this strength is further evidenced by the MACD’s bullish crossover. Likewise, the MACD line has reversed its signal line over the past 24 hours. This shows strong upward momentum as buyers dominate the market.
Read Sui (SUI) Price Prediction for 2024-25
Simply put, Sui is currently under buying pressure amid rising capital inflows. As capital inflows continue to increase along with bullish momentum, altcoins are well-positioned for further gains on the price chart.
If current conditions hold, SUI will create a new ATH as there is no resistance greater than the current price of $4.3.