SUI Price Defies Market Correction with TVL Surge; Is $5 Close?

During Friday’s U.S. market session, the crypto market experienced a slight relief rally from the prevailing correction trend as Bitcoin projected demand pressure at $90k. The renewed momentum bolsters several major altcoins, including $SUI price, to hold key support levels. With the steady surge in $SUI total volume locked (TVL), the asset shows the potential for the next breakout.

According to Coingecko data, the asset’s market cap stands at $13.3 Billion, with an intraday gain of 11.8%. Meanwhile, the 24-hour trading volume is at $4.5 Billion.

Key Highlights:

• A long-tail rejection candle at $3.5 accentuates the active demand pressure market downturn.
• The 20-and-50-day exponential moving average provides immediate support to the ADA coin.
• A healthy retracement above the 23.6% Fibonacci retracement level could recuperate bullish momentum in $SUI price for a prolonged rally.

$SUI TVL Poised to Cross $2 Billion as DeFi Activity Intensifies

According to DeFiLlama, the $SUI TVL has recorded a sustained surge from $1.43 to $1.73 Billion— a 21 % increase — in December. This sustained growth indicates strengthening interest in the $SUI ecosystem, highlighting increased user activity and confidence in its DeFi applications.

With the TVL poised to surpass the $2 billion mark, it could further solidify $SUI’s position as a major player in the DeFi space, attracting more liquidity, boosting investor confidence, and potentially driving up the value of associated assets in the ecosystem.

$SUI Price Shows Recovery Above Key Fibonacci Levels Sparks Optimism

This week, the crypto market witnessed a notable correction following Powell’s hawkish speech. While major altcoins experienced a surge in selling pressure following Bitcoin’s $100k, the $SUI price displayed resilience.

By the press time, the $SUI price trades at $4.58 with an intraday gain of 12.5%. This sharp jump bounced from the $3.5 level and above 23.6% FIB. Theoretically, a recovery from key Fibonacci retracement levels such as 23.6%, 38.2,% and 50% is considered healthy for buyers to regain bullish momentum.

In addition, the altcoin shows sustainability above the 50-day EMA slope, indicating the broader market trend is bullish. With sustained buying, the $SUI price could deliver a bullish breakout from swing resistance of $5.

According to the Fibonacci pivot level, the current recourse could witness overhead supply at $6.5 and $7.8.