SUI price surged 20% on Friday’s trading session, outperforming the broader market uptick. The sudden inflow in the altcoin market followed the Bitcoin price jump of 5% to hit the $63850 mark. The rising SUI price showcased sustainability above the 50-day Exponential moving average, signaling a shift in short-term trend. Will buyers sustain the $1 mark?
SUI Price Gains Momentum Amid Record Transaction Volume and TVL Surge
SUI, the layer 1 blockchain network, has established itself as a dominant force in the blockchain industry in terms of transaction volume. Data from Artemis data shows the SUI network records a staggering 2.14 billion transactions, surpassing major networks like Tron, Polygon, and Ethereum.
The high transaction count suggests that Sui is becoming a preferred network for decentralized applications (dApps) and other blockchain activities. This could attract more developers, users, and investors to the network, further strengthening its position in the market.
@SuiNetwork has more transactions than Polygon, Arbitrum, Base and Ethereum combined this year. pic.twitter.com/zgJ1ZIyQPN
— ToreroRomero (@Torero_Romero) August 21, 2024
By press time, the SUI price traded at $1.025 while boosting its market cap by $2.66 billion.
Moreover, the Total Value Locked (TVL) for the Sui Network has witnessed a notable bounce since early August. According to DeFiLlama data, the TVL value surged from $342.8 Million to $654.2 Million, registering a 90% jump. The growth implies that capital is locked into its protocols, projecting the market participant’s confidence in its robust network.
SUI Coin Hints Major Breakout Ahead
Amid the recent market uncertainty, the SUI price formed a suitable support at $0.8. This level, backed by a 20-and-50-day EMA slope, creates strong support and signals an initial shift in market sentiment.
The bullish turnaround has increased the asset by nearly 30% to trade, surpassing the $1 psychological level. An analysis of the daily chart shows this upswing bolsters the formation of a bullish reversal pattern called inverted head and shoulder. The pattern is characterized by three troughs, with the middle trough (head) being the lowest and the two outer troughs (shoulders) being shallower.
With sustained buying, the SUI price is poised for a 7% surge before a major breakout from neckline resistance at $1.1. A successful breach above this barrier will accelerate the bullish momentum and push the past to $1.2, followed by $1.43.
SUI/USDT – 1d Chart
On the contrary, if the overhead supply pressure persists, the SUI price could revert from the overhead trendline. The potential reversal could invalidate the bullish thesis and plunge the asset back below the $0.8 level.
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