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SUI Price Defies Market Correction with TVL Surge; Is $5 Close?
The crypto market has been experiencing a correction trend in recent days, following Powell’s hawkish speech. However, one asset has managed to defy the correction and instead surge upwards – SUI. In this article, we will delve into the details of SUI’s price action and explore whether it could potentially reach $5.
Firstly, let us take a look at SUI’s price chart. As we can see, the altcoin has bounced back from the $3.5 level and is currently trading at $4.58 with an intraday gain of 12.5%. This sharp jump above the 23.6% Fibonacci retracement level and above the 50-day EMA slope indicates that the broader market trend is bullish.
What’s even more impressive is SUI’s total volume locked (TVL), which has recorded a sustained surge from $1.43 to $1.73 Billion – a 21% increase – in December alone. This significant growth highlights increased user activity and confidence in the DeFi applications within the SUI ecosystem. 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.
This surge has sparked optimism about SUI’s potential future price action. As per Fibonacci pivot levels, the current recovery could witness overhead supply at $6.5 and $7.8. If sustained buying pressure can continue to push the price above these levels, we may see a bullish breakout from swing resistance of $5.
In conclusion, while the broader crypto market is experiencing a correction trend, SUI’s resilience in the face of adversity has shown its strength. With its TVL poised to break the $2 billion mark and a solid recovery above key Fibonacci levels, it’s not impossible that we could see SUI’s price reach $5 in the near future.
Source: http://www.cryptonewsz.com
