Sui Network Reaches $900 Million Locked Value, Token Soars 10%

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Sui Network Reaches $900 Million Locked Value, Token Soars 10%
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Sui Network, one of the most well-known “Solana killers,” is witnessing strong demand in the decentralized finance (DeFi) market. Recently, Sui’s total value locked, or TVL, broke a record and hit historic highs last week.

As a result, the price of the SUI token surged, recording the biggest gains of the past week. In the Top 100, the token’s price gained 40% to $1.60. This was the second-biggest gain among the top 100 cryptocurrencies, behind only Bittensor (TAO).

Earlier this year in March, SUI’s price reached a new all-time high above $2.08, coinciding with Bitcoin’s (BTC) all-time high. However, three months later, after a sharp sell-off, the token fell back below $0.50, a loss of nearly 75%.

Despite the correction, SUI has staged a strong recovery from its June lows and is on track to reach new all-time highs again. With the recent rally, the token’s price reached $1.60 and its market cap reached $4.2 billion.

SUI price approaching new all-time high

In the same period, the daily trading volume increased by more than 90% and reached US$ 841 million this Monday (23).

As per the chart, the SUI/USDT trading pair has broken above the critical resistance of $1.57 and is eyeing the next resistance at the $1.80 region. Therefore, there is a high probability of the token reaching its previous all-time highs and renewing the highs.

Over the past month, Sui Network has seen a strong resurgence in network activity amidst the growing DeFi activity on the platform. According to the official announcement, the blockchain has reached a major milestone by crossing over $900 million in TVL, securing the 8th spot among all other blockchain networks.

With this, SUI has seen a growth of 3,285% over the past year. The rapid increase in Sui’s TVL reflects the growing interest and adoption within the crypto community, resulting in SUI’s price rally.

TVL is a metric that reflects the value added in DeFi projects that are carried out on a Layer 1 blockchain. And in the case of Sui, the strong growth of this metric reveals the network’s potential to attract new creators.

Its architecture uses a horizontal scaling method that allows it to scale seamlessly, with an object-based storage model allowing for more efficient and simplified state management. This approach reduces transaction finalization times, resulting in lower latency for decentralized applications (dApps) and DeFi platforms.

Sui Network Reaches $900 Million Locked Value, Token Soars 10%

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Sui Network Reaches $900 Million Locked Value, Token Soars 10%

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Sui Network Reaches $900 Million Locked Value, Token Soars 10%

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Sui Network Reaches $900 Million Locked Value, Token Soars 10%

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