- Sui Blockchain ecosystem is doing well as the Total Value Locked spikes.
- The TVL has surged by over 500% from September to a record high of $175 million.
- This makes it bigger than that of Tezos, EOS, and Algorand.
Sui price has moved sideways this week even as the network hit key milestones a few months after it was launched. The token was trading at $0.62 on Thursday morning, lower than the all-time high of $0.6892. It remains about 70% from the lowest point in October.
Sui ecosystem growth
Sui is a company that provides a layer 1 network that enables people to build quality decentralized applications (dApps). It operates in a highly competes with some of the top networks in the industry like Ethereum, Tron, BNB Chain, and Avalanche.
Nonetheless, there are signs that the ecosystem is doing well, a few months after launch. According to DeFi Llama, the Total Value Locked (TVL) in Sui has surged to a record high of $176.5 million. In $SUI terms, the TVL has jumped to over 273 million.
Sui’s DeFi assets are now comfortably higher than that of other big players in the crypto industry like Tezos, EOS, and Algorand. EOS has a TVL of over $93 million while Algorand and Cardano have $69 million and Tezos has $63 million.
Read more: How to buy Algorand.
Notably, Sui’s TVL is not dominated by one platform. The biggest dApp in its ecosystem is Cetus, which has a TVL of over $54 million. Cetus has grown to become a leading Decentralized Exchange (DEX), which handled over $8.9 million in the past 24 hours. This makes it bigger than Pangolin and Minswap.
The other big dApp in Sui is Scallop Lend, which is a lending protocol with over $37.7 million in assets. NAVI Protocol is the third-biggest dApp with more than $17.9 million in TVL. In all, 13 dApps have a TVL of over $1 million, which is a sign that the industry is doing well.
The other important data in the ecosystem is that the volume of bridged assets in the ecosystem has jumped to over $100 million in bridged $100 million.
These are huge numbers for a network that launched a few months ago. The developers believe that the ecosystem growth will continue in the coming months, thanks to its fast speeds and low transaction costs.
Sui price forecast
The 4H chart shows that the Sui token price has done well in the past few months. It has rallied from the all-time low of $0.3640 to a high of $0.70. The coin has remained comfortably above the 50-period moving average. It is also above the ascending trendline that connects the lowest swings since October 19th.
However, a closer look shows that the token has faced a strong barrier at $0.6595, the highest point on November 13th. This is a sign that it has formed a triple-top pattern, which is usually a bearish sign.
Therefore, the outlook for SUI is neutral at this point. More upside will be confirmed if the price moves above the key resistance point at $0.6595. If this happens, the next key price to watch will be at $0.70.
