- SUI reached the 178.6% extension level, signaling continued upward momentum, with wave (4) support at $2.75.
- Over the past week, the SUI price surged 60%, fueled by increased Total Value Locked (TVL) and DEX volume.
- Stablecoin usage on SUI has jumped 82%, signaling growing confidence in its ability to facilitate transactions.
SUI has been on an upward trend and has recently reached the 178.6% extension level, a usual target for wave (3). According to More Crypto Online, this occurred after the previous wave reached the 138 percent benchmark, which is the minimum. The current support for wave (4) is at $2.75, with $3.27 indicating the completion of wave (3).
Source: X
Data from the Lookonchain platform reveals that the SUI has risen by as much as 60% over the last week. This has directed focus to the fact that the SUI ecosystem is fast developing to be stronger. The increase is due to some exciting features such as investor attention and metrics like Total Value Locked (TVL) and volume done via Decentralized Exchange (DEX).
Increased DEX Volume Boosts SUI
TVL has increased by 38% over the week, and it has been leading to the token’s price increase, mainly due to this particular aspect. Currently, the TVL has risen to $1.645 billion, which reflects the increased confidence in the SUI network. Regarding the TVL, its increase proves that people keep investing more assets into the platform, which in turn contributes to the development of its services.
This resulted in a rise in its price as more users engaged in trading through decentralized exchange platforms such as DEX. The trading volume on DEXs has also recorded $599 million within a day, up by around 177% from the prior week. This increase in trading volume means the token is being deployed more in the DeFi ecosystem, and as this is used more, there is more trading and therefore more increase in price.
Stablecoin Adoption
Apart from TVL, DEX trading volume, and other indicators, the use of stablecoins in the SUI network has increased rapidly. The stablecoin supply on the platform over the past two months has increased by 82%, rising from $482 million to $879 million. This increase shows the token gaining more confidence in its ability to facilitate stablecoin transactions as it seeks to corner the market. As of now, SUI is trading at $3.71, showing a 13.57% increase over the past day.
Source: TradingView
All these metrics indicate a strong and healthy ecosystem as cryptocurrency continues to increase in price, a trend noted in previous weeks. Such positive trends suggest that the coin is on the rise and the trend is likely to improve in the coming months. Since the token is also being adopted in sectors such as DeFi and decentralized applications, the cryptocurrency is likely to continue its upward trend.
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