Journalist
Posted:
- Sui’s TVL recently reached an all-time high.
- The price of the original token also recently set a new price record.
Sui network [SUI] the decentralized finance (DeFi) landscape recently reached a major milestone in its total value capture (TVL).
TVL’s increase highlighted growing adoption and investment in SUI’s ecosystem, with Suilend and NAVI Lending being the key contributors.
Analysis of the dominance of SUI’s credit platform
AMBCryptos on the TVL chart highlighted SUI’s exponential growth over the past year. From humble beginnings, growth has consistently increased, reflecting increased activity.
Analysis of the TVL, per DefiLlamas The chart showed that TVL at the time of writing was $1.79 billion. Further analysis showed that the stock hit its all-time high on December 12, when it reached $1.8 billion.
Source: DefilLama
This growth is largely due to lending platforms such as Suilend and NAVI Lending, which have captured significant market share. These platforms account for 58% of the network’s total locked assets.
At the time of writing, Suilend’s TVL was $552.5 million, while NAVI’s was $491.23 million.
Volume spike confirms activity
Analysis of the Sui volume showed a convergence in volume and TVL. At the time of writing, volume was approximately $168 million.
However, further analysis revealed that the network saw its highest volume on December 12, peaking at over $551 million. The peak coincided with the TVL reaching its ATH.
SUI’s bullish momentum represents consolidation
The price of SUI reflects the growth of the DeFi ecosystem and has risen significantly in recent months. SUI was trading at $4.38 at the time of writing, remaining above the key 50-day moving average, indicating continued bullish sentiment.
The RSI at 61.65 indicated that the asset was approaching overbought territory but still had room for further upside potential.
Source: TradingView
Volume analysis showed a steady increase in trading activity, supporting the upward price trend. However, the recent pullback from the $4.50 range indicated a potential consolidation.
If SUI can hold above $4.20, it could pave the way for another rally, with $5 set as the next psychological resistance.
Is your portfolio green? View the SUI Profit Calculator
Further analysis also showed that the price reached its ATH on December 13, when it rose to $4.76. The ATH was one day behind the network’s volume and TVL exceeded their milestones.
The $1.7 billion TVL milestone, driven by SuiLend and NAVI Lending, demonstrated the network’s potential. With the stable price and the rapidly evolving DeFi landscape, SUI seems well positioned for further growth.
