- Sui Networks’ total value reaches a record high of $1.72 billion.
- Sui price has risen 25.85% in the past day and also reached an ATH.
The past day, Sui [SUI] has seen a strong rebound, reaching an all-time high of $4.43. The price rose from a low of $3,529 and was up almost 25.85% on the 7-day chart.
Also, the altcoin’s trading volume increased by 71.5% to $4.24 billion, while its market capitalization reached $12.54 billion. This rebound was largely driven by strong momentum and a growing Total Value Lock (TVL).
Sui Network TVL reaches an ATH
According to Look at chainSui Network TVL has hit an all-time high after surpassing $1.68 billion and reaching $1.72 billion.
Source: Lookonchain
This new milestone reflects strong investor confidence and increasing networking activity within the Sui ecosystem, indicating its continued demand and growing adoption.
Typically, sustained growth in the total value captured correlates with increasing utility and interest in an asset. This creates favorable conditions for upward pressure on its value, causing prices to rise.
This phenomenon has been observed when Sui prices reached a new high while TVL also reached ATH.
Given Sui’s TVL stake in recent months, at a constant value of over $1.4 billion, this suggests continued capital inflows. As such, these conditions are suitable for the altcoin to continue its upward movement.
Impact on price charts?
As noted above, Sui is experiencing strong momentum, evidenced by increased capital inflows indicating bullish sentiment.
For starters, we see this bullishness among long position holders. According to Coinglass, Sui’s long/short ratio shows that longs are dominant in the market. This implies that most investors are betting on price increases.
Source: Santiment
Additionally, Sui’s per-exchange open interest increased from $16.3 million to $378.44 million. An increase in open interest indicates that new investors are entering the market with new positions, while others continue to hold their positions.
Source: Tradingview
Finally, this bullishness is further evidenced by a bullish crossover on the MACD. As such, the MACD line has reversed the signal line over the past 24 hours. This shows strong upward momentum with buyers dominating the market.
Read Sui’s [SUI] Price forecast 2024-25
Simply put, Sui is currently experiencing buying pressure amid increased capital inflows. With a continued increase in capital inflows with bullish momentum, the altcoin is well positioned for more gains on its price charts.
If current conditions persist, SUI will make a new ATH as there is no significant resistance above the current price of $4.3.
