SUI, the native token of the Sui layer 1 smart contract platform, has been making waves in the decentralized finance (DeFi) sector after posting a 200% move in three months and over 110% in 2024 alone.
Total value locked on TVL jumps 300%
SUI has benefited from the recent bullish momentum seen across the wider crypto market since the beginning of the year when the U.S. The Securities and Exchange Commission allowed the first-ever spot Bitcoin ETFs to enter the market.
It is important for traders to examine any metrics that reflect the health, growth and sustainability of the token’s uptrend in 2024.
SUI’s trading volume surpassed $500 million on Feb. 13 and has risen approximately 357% in four months, according to data from CoinMarketCap.
According to data from DefiLlama, a DeFi data aggregator, SUI’s total value locked (TVL) has also been increasing over the last three months, rising more than 300% from $144.27 million on Nov. 21. 2023 to the current value of $575.06 million.
Total value locked on Sui. Source: DeFiLlama
The protocols contributing to SUI’s rising TVL are Scallop Lend with $142.74 million locked, Navi Protocol, which has a $60 million TVL that is up 768% over the last 90 days; Cetus, a decentralized exchange (DEX) with $93.3 million locked; DeepBook ($12.34 million), and FlowX Finance ($50.2 million).
A few months after the launch of its mainnet, Sui also managed to attract a number of new projects and Solend, a major lending protocol on Solana, announced in January plans to expand to Sui.
Key levels to watch for SUI going forward
After finding support from the $1.0 psychological zone, the SUI price rose approximately 92% to set a swing high at $1.9528 on Feb. 14.
All the major moving averages are still pointing upward, and the relative strength index (RSI) is positioned at 68, validating the bulls’ dominance in the market
The 78.6% Fibonacci retracement level at $1.76, the barriers at $1.80 and the $1.96 swing high are key levels to watch on the upside. Other roadblocks may arise from the $2.0 and $2.20 psychological levels.
SUI/USD daily chart. Source: Cointelegraph
On the downside, the first line of defense may emerge from the 61.80% retracement level at $1.60. Additional support areas could be found at $1.5 (50% retracement level), and the 50-day exponential moving average at $1.42.
