- Sui Blockchain has seen its DeFi TVL surge to over $437 million.
- It has now beaten other popular blockchains like Cardano, Base, and Cronos.
- Sui has now become the 10th biggest blockchain in the world.
Sui price continued its remarkable comeback as demand for its DeFi ecosystem jumped. The Sui token rose to a high of $1.60 on Tuesday, its highest point since May 3rd last year. It has emerged as one of the best-performing cryptocurrencies in 2024 as it soared by over 328% from its lowest level last year.
Sui’s DeFi ecosystem is booming
Sui price surge has happened at a time when its Decentralized Finance (DeFi) ecosystem is booming. Data shows that the Sui DeFi Total Value Locked (TVL) has continued rising and now sits at its highest point on record.
Sui’s TVL has soared to more than $437 million, making it the tenth biggest DeFi network in the world. As it jumped, the network has overtaken the likes of PulseChain, Base, Cardano, Cronos, and Aptos. This is notable since these cryptocurrencies are valued at billions of dollars. Cardano has a market cap of over $17 billion.
A closer look at Sui’s ecosystem shows that there are 22 DeFi applications that DeFi Llama tracks. NAVI Protocol is the biggest dApp in Sui with over $98 million in assets. NAVI is a liquidity provider for Sui that enables people to borrow and lend assets across the network.
The other big players in Sui’s Blockchain are Scallop Lend, Cetus, Aftermath Finance, and FlowX Finance. Scallop Lend is an AAVE wannabe with over $98 million in assets. Users can deposit their tokens and earn returns while others can borrow funds.
Sui’s growth is happening because of its architecture and ecosystem fund. Its architecture means that transactions in the ecosystem are speedy and costs lower than of comparable networks like Ethereum.
Sui price is also soaring after the decision by Banxa announced that it will expand to the network. This expansion will help users buy the $SUI tokens through its on-ramp platform.
Sui price forecast
Turning to the daily chart, we see that the SUI token price has been in a strong upward trend in the past few months. It has roared from last year’s low of $0.3500 to a high of $1.6 today. The token recently flipped the crucial resistance at $1.444 into a support level. By moving above that price, it invalidated the double-top pattern that was forming.
Sui token is also being supported by the 50-day moving average and the Ichimoku cloud. Therefore, the outlook for the token is still bullish, with the next price to watch being the psychological point at $2, which is 25% above the current level.
