During Friday’s U.S. market session, the crypto market experienced a slight relief rally from the prevailing correction trend as Bitcoin projected demand pressure at $90k. The renewed momentum bolsters several major altcoins, including SUI price, to hold key support levels. With the steady surge in SUI total volume locked (TVL), the asset shows the potential for the next breakout.
According to Coingecko data, the asset’s market cap stands at $13.3 Billion, with an intraday gain of 11.8%. Meanwhile, the 24-hour trading volume is at $4.5 Billion.
Key Highlights:
- A long-tail rejection candle at $3.5 accentuates the active demand pressure market downturn.
- The 20-and-50-day exponential moving average provides immediate support to the ADA coin.
- A healthy retracement above the 23.6% Fibonacci retracement level could recuperate bullish momentum in SUI price for a prolonged rally.
SUI TVL Poised to Cross $2 Billion as DeFi Activity Intensifies
According to DeFiLlama, the SUI TVL has recorded a sustained surge from $1.43 to $1.73 Billion— a 21 % increase — in December. This sustained growth indicates strengthening interest in the SUI ecosystem, highlighting increased user activity and confidence in its DeFi applications.
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.
SUI Price Shows Recovery Above Key Fibonacci Levels Sparks Optimism
This week, the crypto market witnessed a notable correction following Powell’s hawkish speech. While major altcoins experienced a surge in selling pressure following Bitcoin’s $100k, the SUI price displayed resilience.
By the press time, the SUI price trades at $4.58 with an intraday gain of 12.5%. This sharp jump bounced from the $3.5 level and above 23.6% FIB. Theoretically, a recovery from key Fibonacci retracement levels such as 23.6%, 38.2,% and 50% is considered healthy for buyers to regain bullish momentum.
In addition, the altcoin shows sustainability above the 50-day EMA slope, indicating the broader market trend is bullish. With sustained buying, the SUI price could deliver a bullish breakout from swing resistance of $5.
According to the Fibonacci pivot level, the current recourse could witness overhead supply at $6.5 and $7.8.
Also Read: SEC’s Hester Peirce Reveals Pro-Crypto Pivot for Bitcoin & Ethereum ETFs
Source: https://www.cryptonewsz.com/sui-price-defies-market-correction-tvl-5/