The post SUI Price Defies Market Correction with TVL Surge; Is $5 Close? appeared on BitcoinEthereumNews.com.

During Friday’s U.S. market session, the crypto market experienced a slight relief rally from the prevailing correction trend as Bitcoin projected demand pressure at $90k. The renewed momentum bolsters several major altcoins, including SUI price, to hold key support levels. With the steady surge in SUI total volume locked (TVL), the asset shows the potential for the next breakout. According to Coingecko data, the asset’s market cap stands at $13.3 Billion, with an intraday gain of 11.8%. Meanwhile, the 24-hour trading volume is at $4.5 Billion. Key Highlights:                                                                                                     A long-tail rejection candle at $3.5 accentuates the active demand pressure market downturn. The 20-and-50-day exponential moving average provides immediate support to the ADA coin. A healthy retracement above the 23.6% Fibonacci retracement level could recuperate bullish momentum in SUI price for a prolonged rally.  SUI TVL Poised to Cross $2 Billion as DeFi Activity Intensifies According to DeFiLlama, the SUI TVL has recorded a sustained surge from $1.43 to $1.73 Billion— a 21 % increase — in December. This sustained growth indicates strengthening interest in the SUI ecosystem, highlighting increased user activity and confidence in its DeFi applications.  With the TVL poised to surpass the $2 billion mark, it could further solidify SUI’s position as a major player in the DeFi space, attracting more liquidity, boosting investor confidence, and potentially driving up the value of associated assets in the ecosystem. SUI Price Shows Recovery Above Key Fibonacci Levels Sparks Optimism This week, the crypto market witnessed a notable correction following Powell’s hawkish speech. While major altcoins experienced a surge in selling pressure following Bitcoin’s $100k, the SUI price displayed resilience. By the press time, the SUI price trades at $4.58 with an intraday gain of 12.5%. This sharp jump bounced from the $3.5 level and above 23.6% FIB. Theoretically, a recovery…

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Filed under: News - @ December 21, 2024 12:09 am