- Sui has seen impressive net inflows of $24.3 million, outpacing major blockchains like Solana and Ethereum, highlighting its competitive advantage.
- The Total Value Locked (TVL) for Sui has skyrocketed to $1.074 billion, marking over 300% growth since August.
- Sui is forming a symmetrical triangle on the 12-hour chart, with potential breakout targets at $1.97, $2.11, and $2.35.
Sui (SUI) has been displaying notable resilience, bolstering its position with positive price movements that hint at an imminent breakout. As the U.S. election results are set to roll in on November 5th, the crypto landscape braces for a wave of volatility and potential unpredictability. Traders are positioning themselves, anticipating market shifts influenced by the political climate.
Currently, Sui is trading at $1.92, with a significant 24-hour trading volume of $1.79 billion. Its market capitalization stands strong at $4.50 billion, representing a market dominance of 0.19%. Over the past 24 hours, SUI’s price has climbed by 1.96%, signaling continued investor interest and market confidence.
Sui’s Strong Fundamentals Drive User Interest
Sui’s competitive edge becomes even clearer when considering its capital flows. According to a recent update by Mysten Labs’ co-founder Adeniyi Abiodun, Sui’s net inflow reached an impressive $24.3 million. This performance has surpassed that of major blockchain networks, including Solana (SOL) and Ethereum (ETH), which reported inflows of $10 million and $9.7 million, respectively.
On a weekly basis, Sui’s figures outpaced those of Aptos and even the benchmark cryptocurrency, Bitcoin. Since the start of the month, Sui has secured $19.3 million in inflows, dwarfing Solana’s $12.3 million.
According to data from DeFiLlama, SUI’s TVL has surged to $1.074 billion, marking a notable increase from the $313 million it recorded in August. This three-month growth, exceeding 300%, underscores Sui’s strong network fundamentals and the influx of user interest.
SUI’s Path to a Bullish Breakout
Technical analysis adds another layer to Sui’s promising outlook. On the 12-hour chart, the cryptocurrency is forming a symmetrical triangle pattern, a structure often associated with potential breakout scenarios. Key support rests between the triangle’s lower boundary and the 100-day moving average (MA 100), suggesting a potential bounce-back zone.
If Sui manages to breach the upper resistance of the triangle, its next targets could be set at $1.97, $2.11, and potentially $2.35. This would represent a robust upward movement, aligning with the recent bullish sentiment. However, prudent risk management remains essential, with tight stop-loss orders recommended to navigate the unpredictable market landscape.
As the market awaits the U.S. election outcome, Sui’s position amid this dynamic period could set the stage for notable gains, reinforcing its standing as a blockchain with growing traction and solid investor backing.
