Solana-killer Layer 1 blockchain – Sui Network – is witnessing a strong demand within the decentralized finance (DeFi) market thereby triggering a strong recovery in the SUI price. Over the past month, SUI has gained a massive 60% moving all the way to $1.60 levels in the latest surge.
SUI Price Approaching New All-Time High
Earlier this year in March, the SUI price touched a new high above $2.08, along with the Bitcoin price hitting a new all-time high. However, within three months following it, it collapses all the way under $0.50 amid the broader market sell-off.
Showing resilience, SUI has staged a strong recovery since the June lows and is on the path to hit fresh all-time highs again. The SUI token price today is up 9.7% trading at $1.6 levels with its market cap at $4.2 billion and daily trading volumes shooting up 93% to $841 million.
As per the technical chart, the SUIUSDT trading pair has surged past the critical resistance of $1.57 and is eyeing the next resistance at $1.80 levels. Thus, there’s a high probability of SUI hitting its previous all-time levels and surging beyond that.
Sui Network Crosses $900 Million in DeFi TVL
Over the last month and more, the Sui Network has registered a strong resurgence in network activity amid the rising Defi activity on the platform. As per the official announcement, the Layer-1 blockchain has attained a major milestone crossing more than $900 million in total value locked (TVL) while securing the 8th spot among all other blockchain networks.
With this, SUI has clocked an impressive growth of 3,285% over the past year. The rapid rise in Sui’s TVL reflects growing interest and adoption within the crypto community resulting in the SUI price rally.
BREAKING: Sui now has $9⃣0⃣0⃣,0⃣0⃣0⃣,0⃣0⃣0⃣ Total Value Locked, now coming in at #8 of all chains for TVL
That’s a 3,285% increase in just 1 year
And there’s still 8 days left in #Suitember pic.twitter.com/DznCFDOq8h
— Sui (@SuiNetwork) September 22, 2024
With parallel transaction processing, the SUI Network undertakes a unique approach. Its architecture uses a horizontal scaling method that allows it to scale seamlessly. Sui utilizes an object-based storage model, enabling more efficient and streamlined state management. This approach reduces transaction finalization times, resulting in lower latency for decentralized applications (dApps) and DeFi platforms. As a result, Sui Network has outperformed top players like Ethereum, and Arbitrum recently.
Furthermore, it has been making key partnerships in the crypto arena. Last week, Circle decided to launch USDC stablecoin on the Sui Network with the goal of expanding its supporting blockchain base.
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