SUI Token Breakout Expected as TVL Surges Past $1B
- SUI recently flipped Polygon and Avalanche, surpassing $1 billion in TVL.
- The token is poised for a major breakout, with strong bullish momentum pushing it past resistance levels.
- Analysts believe a pullback to $1 is unlikely, with $1.4 being the lowest potential drop.
The SUI token is exhibiting strong bullish signals, as it nears a critical breakout point. According to the latest 1-week chart analysis, the token is on the cusp of a major breakout, reinforcing its growing dominance in the market.
In the past few days, SUI achieved a major milestone by securing $1 billion in Total Value Locked (TVL), flipping major competitors like Polygon and Avalanche in the process. The tokens performance has captured investor attention and reinforced confidence in its potential for further gains. Many believe that the tokens momentum indicates a sustained upward trajectory, driven by strong buying interest.
While some traders wonder if theyll get another chance to buy SUI at that price, market experts predict that the lowest potential pullback could be around $1.4if such a correction occurs at all. A drop back to $1 is highly unlikely, as per experts.
The 1-week chart shows clear indications that the major resistance level, which SUI is currently testing, is likely to be broken soon. If this happens, the token could see a rapid rise, with analysts setting targets far beyond its current levels.
SUIs Strong Fundamentals
The altcoin made waves after a blistering 300% rally last month. This surge has catapulted it into one of the top-performing Layer 1 tokens. However, market analysts like Ali warned of potential short-term correction in the tokens price, despite its remarkable growth.
Jamie Coutts, Chief Crypto Analyst at Real Vision, has emphasized the layer-1 networks impressive net inflows, which amount to $737.6 million for the year. These inflows make up 18% of SUIs market capitalization, a stark contrast to Solanas 2%, highlighting the formers growing popularity in the cryptocurrency space.
SUIs recent developments highlight its growing influence in the altcoin market, and many believe it could continue to outpace other major players. As more investors take notice, SUI is becoming a prime candidate for potential long-term gains, particularly if the bullish breakout materializes in the coming weeks.
Read more: https://www.tronweekly.com/sui-tvl-surge-fuels-bullish-run/
Text source: TronWeekly
