SUI coin price has behaved exactly as mentioned in my last week’s analysis. The price retested the $1 level as I predicted and had a strong rebound. The latest analysis shows that there is one key level on the chart that the bulls need to reclaim to unlock a massive upside.
On Tuesday, cryptocurrencies are trading sideways as BTC price tries to gain strength above $27,000. Consequently, most cryptocurrencies are trading sideways. SUI coin slid by 0.17% on the second day of the week as the price pulled back from Monday highs.
SUI Network TVL Surges By 60%
When we last covered the SUI network, it had a total locked value of $22 million. The network TVL has soared to $35 million since then. This translates into a 60% increase within just five days. This also suggests that the activity on the SUI blockchain has increased since last week. This could be one of the reasons behind a strong bounce in SUI coin price.
According to DeFi Llama, Cetus is currently the biggest dapp on the blockchain with $28.37 million TVL. This is followed by decentralized exchanges Turbos and BlueMove with $5.7 million and $755,973 TVL, respectively. This shows that more than 98% of the TVL is concentrated in just the top 3 dapps.
SUI Coin Price Gets Rejected From Resistance
It is quite evident from the following SUI crypto chart that the price is struggling to break above the $1.245 resistance level. This resulted in a pullback yesterday due to a failure to take the swing high on the 4H chart. Nevertheless, I expect another retest of this level this week.
A break above $1.245 level will make the SUI coin price prediction very bullish. In such an event, the first target for the bulls will be the 1.50 level which is a major swing high on the 4H chart. However, another rejection from the $1.245 resistance may result in a retest of the recent lows that lie close to $1. This will also open the doors for targets higher than $2.
In the meantime, I’ll keep sharing updated outlook on the SUI network in my free Telegram group that you’re welcome to join.