- Sui (SUI) saw 388% growth in 2024, driven by DeFi expansion and Cetus platform success.
- Sui’s Perpetual DEX TVL surged 450%, reaching $100M in just two months.
- Sui price consolidates between $4.25 and $4.40, with key support at $4.00.
Sui (SUI) has emerged as one of the top-performing utility coins in 2024, showing a remarkable 388% growth over the year, according to Torero Romero, Altcoin Buzz analyst. This impressive surge comes amidst its growing prominence, especially within decentralized finance (DeFi), making it a noteworthy player in the current crypto market. The token’s growth has been bolstered by significant developments in its ecosystem, including a major expansion of its largest Perpetual DEX.
Sui’s Expanding DeFi Ecosystem
As further highlighted by Torero Romero, Sui’s largest Perpetual DEX has reached a substantial $100 million in Total Value Locked (TVL), marking an astounding 450% increase in just two months. This rapid growth further solidifies Sui’s position within the DeFi space.
Moreover, the network’s DEX volume hit an impressive $42 billion in 2024, with 65% of this volume coming from the Cetus platform alone. These developments have sparked significant investor interest, with many watching Sui’s progress as it continues to reshape the DeFi landscape.
Price Movement and Market Sentiment
As of press time, Sui token is priced at $4.36, reflecting a 6.53% increase in the last 24 hours, with a 24-hour trading volume of $873,876,084. Price trends for SUI/USDT indicate a clear uptrend from mid-August to late November, characterized by consistent higher highs and higher lows.
However, since late November, the price has entered a phase of consolidation, moving within a range. This consolidation suggests that the bullish momentum has paused, and the market is currently awaiting direction.
Technical Indicators: RSI and MACD Analysis
Key technical indicators also suggest a potential shift in market momentum. The Relative Strength Index (RSI) is currently at 53.88, which is considered neutral, indicating that the coin is neither overbought nor oversold. During the earlier uptrend, RSI levels surpassed 70, signaling strong bullish momentum.
Additionally, the Moving Average Convergence Divergence (MACD) histogram is narrowing, with the MACD line recently crossing below the signal line. This could suggest a slowdown in buying momentum. However, a positive MACD crossover could signal a return of bullish interest.
Key Price Zones to Watch
In terms of support and resistance levels, SUI is currently consolidating between $4.25 and $4.40. The $4.25 level acts as the lower boundary of this consolidation range, while $4.40 represents the upper boundary.
A breakout above $4.40 could push the price toward $4.75 and potentially $5.00, which are both key resistance levels. On the other hand, if the price falls below $4.25, the next significant support level is at $4.00. A further decline could lead to a retest of $3.50, a critical support level seen in mid-October.
