24 February, 2024

SUI Faces Crucial Resistance Level: Bulls Attempt a Comeback in Crypto Market

1 month ago

16 Jan, 2024

  • Crypto Busy highlights SUI’s pivotal juncture, facing major resistance sparking intense scrutiny and market speculation.
  • SUI’s ascent beyond Bitcoin in Total Value Locked, supported by Mysten Labs, propels it to the 13th global rank, fostering optimism and a surge in token value.
  • Amidst a global market cap surge, SUI faces a pivotal resistance challenge, captivating the cryptocurrency industry.

In a pivotal move, renowned crypto analyst Crypto Busy has taken center stage, shedding light on a significant development concerning the cryptocurrency SUI. In a recent X post, Crypto Busy highlighted that SUI has reached a critical juncture, encountering a major key level resistance.

The crypto community is now on high alert, closely monitoring SUI’s behavior at this crucial resistance level. The burning question on everyone’s mind is whether SUI will defy the odds and break through this resistance or if it will face rejection.

Source: Chart by Crypto Busy

Due to several factors, SUI has secured its position among the top crypto gainers today, with the most pivotal drivers outlined below. A notable achievement for SUI is its elevation beyond Bitcoin in Total Value Locked (TVL), a feat attributed to its backing by Mysten Labs.

As per on-chain data from DefiLlama, a prominent DeFi protocol tracking site, SUI currently holds the 13th global rank. This accomplishment has ignited a wave of optimism within the SUI community and has driven a substantial surge in the token’s price.

While SUI’s Total Value Locked continues its upward trajectory, a contrasting trend is observed in Bitcoin’s TVL, which is experiencing a gradual decline in tandem with its recent price drop. The data from DefiLlama, dated January 14, unveiled the noteworthy development that SUI surpassed Bitcoin in Total Value Locked, marking a significant turning point in the crypto landscape.

SUI is trading at $1.29, reflecting a notable 8.22% decrease in price over the past 24 hours. However, the cryptocurrency has witnessed a substantial 52.78% surge in value over the last 7 days. The 24-hour trading volume for SUI stands at $528,078,679

Source: TradingView

Cryptocurrency bulls are making a robust comeback, illustrated by the 0.84% surge in the global market cap within the last 24 hours. The latest press update revealed a proud total market capitalization of $1.69 trillion, infusing the crypto sphere with a revitalized optimism.

The cryptocurrency market undergoes this significant surge in global capitalization and SUI grapples with a pivotal resistance challenge. Meanwhile, the entire industry is captivated, with enthusiasts eagerly awaiting the unfolding developments that will shape the next chapter in this dynamic and ever-evolving realm of digital assets. The anticipation is palpable, and observers stand poised to witness the intricate dynamics and potential shifts that could define the future trajectory of the cryptocurrency landscape.