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SUI was among the top gainers on Tuesday as cryptocurrencies attempted recoveries after last week’s double-digit declines.
The altcoin gained over 5% within the previous day to reclaim the psychological mark at $4.50.
With the total value locked (TVL) maintaining uptrends over the past month, SUI’s price displays stability.
The prevailing momentum could extend the asset’s current uptrend and surpass $5.
That could encourage more buyers, propelling SUI to $5.71 – a 25.49% increase from current prices – by 2024 end.
Sui Network TVL signals stable growth
Amid SUI’s robust recoveries, one metric grabbed the attention of traders.
DeFiLlama data shows the altcoin’s TVL nears the $2 billion landmark after remarkable uptrends over the past month.
The metric is $1.885 billion today, reflecting impressive growth and ecosystem stability.
Source – DeFiLlamaMoreover, the over $400 million in 24-hour trading volume signals impressive trader interest in the project.
With the stablecoin market capitalization approaching $400, SUI price appears poised for extended growth in the upcoming sessions.
SUI price outlook
The altcoin displays a bullishness, trading at $4.55 during this publication.
Source – CoinmarketcapMeanwhile, yesterday’s gains saw SUI forming a bullish engulfing candlestick and finalizing a morning star setup.
The pattern propelled the token to the daily peak of $4.75.
Meanwhile, the 4H timeframe reveals buyer control at a local support barrier, establishing two successive engulfing candlesticks.
The recovery rally overcame the 50% FIB mark, but buyer exhaustion triggered declines beneath the mark.
SUI signals near-term dips before potential rallies to new highs.
With three successive bearish candlesticks, the slight intraday dip forms a black crow pattern.
The setup suggests a potential 3% dip towards the 50 Exponential Moving Average at $4.42.
Trend-based FIB levels support the short-term retracement, targeting a retest of $4.20 (38.29% FIB level).
Nonetheless, solid barriers at local support zones and the strengthening demand, according to TVL, hint at possible rallies toward $5.
Moreover, the ascending channel setup indicates potential upswings towards the upper border at $5.71 (78.60% FIB mark).
Thus, SUI exhibits what it takes for a 25% surge by month-end despite potential near-term retracements and broad crypto market volatility.
Meanwhile, VanEck forecasts massive bull runs for cryptocurrencies next year.
The investment manager believes SUI will surpass $10 in early 2025.
VanEck is predicting that SUI could reach $10 in Q1 of next year as a cycle top. Over or underestimate?
The SUI/USD weekly chart supports this narrative.
The timeframe reveals a head-shoulder setup, demonstrating massive bullish comebacks.
SUI breached the pattern to the upside after prices crossed the $2.62 neckline with robust volumes.
Traders add the pattern’s max height to the breakout zone, $2.62 in SUI’s case, to determine the inverse head-shoulders bullish target.
The principle suggests that SUI/USD could surge to $9.56 by early next year – a price level matching the 2.618 Fibonacci retracement level.
The post SUI price eyes 25% surge as Sui TVL approaches $2B milestone appeared first on Invezz
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