SUI Crypto Price Prediction – SUI coin May Hit $0.89 Soon

SUI crypto price is having a strong rebound from its all-time lows and is generating strong bullish reversal signals. SUI blockchain is one of the hottest layer 1 platforms launched in 2023. The project was launched in May 2023 during a lot of hype. However, after an initial surge on its exchange listing, the price plunged by 77% in August.

After an intense downtrend, the bears finally appear to be exhausted as the SUI coin is now trading 31% up from its August 2023 lows. On Wednesday, the price had a more than 12% surge, making it one of the best-performing digital assets of the day. However, the coin had a 1.15% pullback on Thursday as the BTC price struggled to break above $26,500 level.

SUI Blockchain TVL Doubles In August

The TVL chart shows that the total locked value on the SUI blockchain has almost doubled in August 2023. The TVL, which stood at $12.65 million at the end of July, has now risen to $23 million. This is a more than 90% increase in less than four weeks.

An increase in TVL usually means an increase in the activity on a particular blockchain. According to DeFi Llama, the biggest dapp on the blockchain is Cetus, which is a decentralized exchange with $7.5 million worth of TVL. The increased TVL is one of the major tailwinds behind the rising SUI crypto price.

SUI Coin Outperforms Bitcoin

A look at the following SUI/BTC chart reveals that SUI coin is up more than 26% in terms of Bitcoin since last week. This shows that it is finally gaining strength compared to the most valuable cryptocurrency on the planet. Many traders trade altcoins only in their BTC pairs.

After trading below a key trendline, the pair has finally broken out of the downward trendline, which is a strong bullish reversal signal. If the bulls hold it above the 0.000020 level, then I expect it to retest the 0.000026 level in the coming weeks.

SUI Crypto Price Prediction Turns Bullish

As evident from the following SUI coin price chart, it has reclaimed the range lows of $0.515, and bulls are gaining momentum. Currently, the price is trying to break out of the downward trendline on the daily chart. A breakout above this trendline would flip SUI crypto price prediction even more bullish.

In this case, the first target for the bulls would be the middle of the current trading range, which lies at $0.67. If BTC price action remains positive, a retest of the range highs at $0.89 would be on the cards. The invalidation of this bullish move would be a daily closure below $0.515.