SUI Token jumps 8% past $3, driven by a 5% TVL increase to $1.43B, boosting investor confidence and market optimism.
SUI Token Eyes 20% Rally Amid TVL Growth and Bullish Indicators
The popularity of SUI Tokens is increasing as the Total Value Locked (TVL) grows, boosting confidence among investors.
The SUI token native to the Sui blockchain saw an increase of, over 8% on Monday as it surpassed the $3 threshold mark. Both technical and on-chain signals hint at gains in the market. This rise coincided with a 5% increase in Sui’s total value locked (TVL) now standing at $1.43 billion, which has contributed to boosting investor confidence.
DeFi data, from DeFi Llama indicates that although Sui’s total value locked (TVL) is currently below its peak in January of 2065 million dollars (or $2065 billion) the recent increase in funds suggests a rise in trader interest is evident. Additionally, trends in the derivatives market are showing positivity – with funding rates turning open interest climbing to $352.55 million.
According to the technical analysis findings, there is a possibility of an increase of around 23% with levels of resistance noted between $3.07 and $4.01. If the momentum slows down the digital asset might retract to a support level to $2.85.
Traders will keep an eye, on whether SUI can maintain its momentum in light of these positive indicators.
