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SUI price: As the broader crypto market faces uncertainty about sustainable growth, <a href="https://coingape.com/sui-price-skyrockets-as-tvl-triumphs-over-bitcoin/">SUI</a>, the native token of the layer 1 blockchain, is showing a strong rally, evidenced by notable trading volume and a significant increase in the network’s Total Value Locked (TVL). This positive trend developing into a bullish rounding bottom pattern hints at the possibility of a prolonged sustained rally. Will this recovery trigger a new All-Time High in February 2023? 
<h2 id="b-will-sui-price-surpass-2-mark-b">Will SUI Price Surpass $2 Mark?</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">A rounding bottom pattern leads to the current recovery trend in SUI price.</li> 
 <li style="font-weight: 400;" aria-level="1">The rising price could face significant supply pressure at $1.68, and $1.875.</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in SUI is $513 million, indicating a 7.5% loss.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/y/yxtkMXv8.png" alt="SUI Price" width="1946" height="893">
 <figcaption class="wp-caption-text">
 SUI Price| TradingView Chart
 </figcaption>
</figure> 
Amid the broader market recovery, the <a href="https://coingape.com/sui-surges-11-as-alibaba-cloud-amplifies-support-for-the-network/">SUI coin</a> entered a new recovery in late October 2023, when its price rebounded from $0.364. This positive turnaround developed into a sustainable rally and pushed the altcoin to $1.6, registering 341% growth. 
This momentum is mirrored in the DeFi sector, where the SUI network’s Total Value Locked (TVL) has impressively escalated by 1000% over the past four months, reaching a high of $455 million, as reported by DefiLlama. This surge has vaulted Sui into the top 10 global blockchains by TVL, surpassing the likes of Base, Cardano, and Bitcoin. 
<figure id="attachment_177783" aria-describedby="caption-attachment-177783" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-177783 size-full" src="https://coingape.com/wp-content/uploads/2024/01/image_2024-01-31_23-34-16.png" alt="Sui Total Value Locked" width="1770" height="685" srcset="https://coingape.com/wp-content/uploads/2024/01/image_2024-01-31_23-34-16.png 1770w, https://coingape.com/wp-content/uploads/2024/01/image_2024-01-31_23-34-16-300x116.png 300w, https://coingape.com/wp-content/uploads/2024/01/image_2024-01-31_23-34-16-1224x474.png 1224w, https://coingape.com/wp-content/uploads/2024/01/image_2024-01-31_23-34-16-768x297.png 768w, https://coingape.com/wp-content/uploads/2024/01/image_2024-01-31_23-34-16-1536x594.png 1536w, https://coingape.com/wp-content/uploads/2024/01/image_2024-01-31_23-34-16-150x58.png 150w" sizes="(max-width: 1770px) 100vw, 1770px">
 <figcaption id="caption-attachment-177783" class="wp-caption-text">
 Sui Total Value Locked- DefiLlama
 </figcaption>
</figure> 
<blockquote>
 Analyzing the daily charts reveals that the coin’s price movement is forming what appears to be a rounding bottom pattern. This pattern, typically emerging at the end of significant bear cycles, often heralds a new recovery phase.&nbsp;
</blockquote> 
The application of the Fibonacci retracement tool suggests that the recent correction has revitalized buyer interest, extending the current bullish trend. Should this positive momentum continue, it’s feasible for the <a href="https://coingape.com/markets/reasons-why-sui-price-is-up-5-while-bitcoin-price-sea-saws-above-43000/">SUI price</a> to target $1.677 in the near term, with the potential to reach an all-time high of $2.77.&nbsp; 
However, this trajectory is not expected to be linear, as SUI’s price history indicates a tendency for periodic pullbacks, which contribute to its overall growth pattern.&nbsp; 
<ul> 
 <li aria-level="1">Exponential Moving Average (EMA): The 20 and 50-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> provide strong dynamic support to SUI during market corrections.</li> 
 <li aria-level="1">Average Direction Index: The ADX indicator at a high of 32% accentuates the buyers may soon turn out of steam and will require some pullback to maintain long-term growth.</li> 
</ul> 
<h3 id="related-articles">Related Articles</h3> 
<ul> 
 <li><a href="https://coingape.com/markets/crypto-price-prediction-today-january-30-btc-avax-sui/">Crypto Price Prediction For January 30: BTC, AVAX, SUI</a></li> 
 <li><a href="https://coingape.com/markets/top-3-crypto-to-buy-before-bitcoin-halving/">Top 3 Crypto To Buy Before Bitcoin Halving</a></li> 
 <li><a href="https://coingape.com/ideal-btc-eth-sol-xrp-crypto-portfolio-rebalancing-after-fomc-report/">Ideal BTC, ETH, SOL, XRP Crypto Portfolio Rebalancing After FOMC: Report</a></li> 
</ul> 
The post <a href="https://coingape.com/markets/will-sui-price-hit-new-all-time-high-in-february-amid-tvl-expansion/">Will SUI Price Hit New All-Time High In February Amid TVL Expansion?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Will SUI Price Hit New All-Time High In February Amid TVL Expansion?

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