During Thursday’s U.S. market session, the crypto market experienced a surge in buying activity as the pioneer digital asset, Bitcoin, broke the $100k barrier. Following the same momentum, the SUI price leaps over 20% to hit a new high of $4.44. The recovery, backed by a surge in Total Value Locked (TVL) and integration into a major crypto wallet, signals the potential for a sustained breakout rally ahead.
According to Coingecko data, the global crypto market cap is at $3.8 Trillion with an intraday gain of 1.3. Meanwhile, the 24-hour trading volume is at $488.2 Billion.
Key Highlights:
- The SUI price breakout from a $3.9 All-time high hints potential rally to a $5 psychological level.
- SUI blockchain integration with Phantom and impressive TVL milestone signal potential for a higher rally
- The $4.3 and $4.7 stands as key resistances coinciding with 32.8% and 50% Fibonacci extension levels.
SUI Price Soars with Phantom Wallet Integration and $1.7B TVL
Phantom, which already supports Layer 1 blockchains such as Solana, Bitcoin, and Ethereum, has now added the SUI blockchain to its growing list of integrations. This move brings significant advantages to SUI users, including staking, a built-in token exchange, NFT storage, multi-chain capabilities, and hardware wallet support.
These features will enhance the overall utility and accessibility of the SUI blockchain for its growing community.
Further boosting its market credibility, the network reached a new high of $1.7 TVL (Total volume locked), according to DefiLlama. The increase indicates growing investor confidence and increased adoption of the SUI ecosystem, reflecting strong demand for its decentralized application and staking opportunities.
Key Levels to Watch SUI Enters Price Discovery Mode
In the last three weeks, the coin price witnessed a sideways action, struggling to sustain above $3.9 resistance. This consolidation allowed buyers to revive exhausted bullish momentum from the November rally.
The Bitcoin price breakout from $100,000 psychologically provided a sufficient catalyst for the SUI Price to break the $3.9 resistance. A daily candle closing will flip the aforementioned level into a suitable stepping stone for the next leap.
According to the Fibonacci extension tool, the anticipated rally could witness key resistance at $4.3 and $4.7 before claiming the $5 mark.
Source: https://www.cryptonewsz.com/sui-price-eyes-5-rally-tvl-and-integration/