Key Takeaways
- SUI's Total Value Locked (TVL) soared past $1 billion on September 29, marking a historic milestone.
- The SUI price has surged 270%+ since its August 5 low.
- Analysts speculate whether the price will mirror TVL growth and achieve a new all-time high.
SUI’s TVL Milestone: Breaking Down the $1 Billion Benchmark
On September 29, the SUI network celebrated a monumental achievement: crossing $1.03 billion in TVL**, securing its position as the **8th-largest chain by TVL**. This surpasses **Polygon ($1 billion) and nears Avalanche ($1.11 billion).
Top Protocols Driving TVL Growth:
- NAVI: $370 million
- Cetus: $174 million
- Suilend: $170 million
Comparative TVL Growth (Year-to-Date):
| Blockchain | TVL Increase (%) |
|------------|------------------|
| SUI | 480% |
| Solana | 183% |
| Ethereum | 57% |
| Avalanche | 18% |
Note: SUI reached $1 billion TVL in 16 months post-launch (May 2023), outpacing Ethereum’s 2+ years but trailing Solana’s 13-month record.
👉 Explore more about SUI’s ecosystem growth
SUI Price Analysis: Path to a New All-Time High
The SUI/USDT pair has rallied 285% since August 5, peaking at $1.85 on September 29. Key developments:
Critical Breakthroughs:
- Overcame $1.32 resistance (0.5 Fibonacci level + horizontal resistance).
- Next target: All-time high of $2.18 (24% upside).
Technical Indicators:
- RSI: Potential bearish divergence in overbought territory.
- MACD: Shows weakening momentum, hinting at a short-term retracement.
Short-Term Retracement Scenario
Elliott Wave Theory Outlook:
- Current Phase: Wave 3 of a 5-wave uptrend (initiated August 5).
- Projection: Wave 3 may peak at 1.61x Wave 1, suggesting a pullback to $1.43 (0.382 Fib support).
- Long-Term Target: $2.44 (if Wave 3 extends to 2.61x Wave 1).
FAQs
1. What caused SUI’s TVL to surge?
- Growth driven by top protocols like NAVI and Cetus, alongside broader Layer-1 adoption.
2. Is SUI’s price surge sustainable?
- While short-term retracements are likely, the bullish structure supports a push toward $2.44.
3. How does SUI’s TVL growth compare to competitors?
- SUI’s 480% YTD growth leads major Layer-1s, showcasing rapid ecosystem expansion.
👉 Dive deeper into SUI’s technical charts
Conclusion: A New Peak on the Horizon?
With TVL at all-time highs and price momentum strong, SUI is primed to challenge its $2.18 record**. Investors should monitor **$1.43 support for potential entry points.
Disclaimer: This content is for informational purposes only and not financial advice. Cryptocurrency investments carry risks; conduct independent research before deciding.
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