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SUI Price Defies Market Correction with TVL Surge; Is $5 Close?
The cryptocurrency market has been experiencing a slight relief rally as Bitcoin’s price reached $90,000, bolstering the performance of several major altcoins. One such asset that is defying the correction trend is SUI, which has shown resilience and potential for the next breakout.
The asset’s total volume locked (TVL) has seen a steady surge, indicating growing interest in its decentralized finance (DeFi) applications. According to DeFiLlama, SUI’s TVL has recorded a sustained increase from $1.43 billion to $1.73 billion – a 21% rise – in December alone. This growth highlights strengthened user activity and confidence in the asset’s ecosystem.
As of the press time, the SUI price trades at $4.58 with an intraday gain of 12.5%. The altcoin has bounced from the $3.50 level and reclaimed the 23.6% Fibonacci retracement level. This recovery above key Fibonacci levels sparks optimism regarding its potential for a bullish breakout.
Theoretically, a rebound from key Fibonacci retracement levels such as 23.6%, 38.2%, and 50% is considered healthy for buyers to regain momentum. Moreover, the asset’s sustainability above the 50-day EMA slope indicates a broader market trend in favor of buyers.
With sustained buying pressure, SUI could potentially deliver a bullish breakout from swing resistance around $5.
Source: http://www.cryptonewsz.com
