SUI, the native token of Layer-1 smart contract platform Sui, has captured attention in the DeFi sector with a 300% increase over three months. Despite being overshadowed by South Korean regulators’ allegations of supply manipulation in October 2023, recent technical analyses and on-chain data indicate SUI’s rally is based on improved fundamentals.
The price of SUI benefited from the broader crypto market’s uptrend. CoinMarketCap data shows SUI’s trading volume surged by approximately 2200%, exceeding $950 million on January 13. The project’s ecosystem health, growth rate, and sustainability have also been highlighted.
Data from blockchain analytics firm DefiLlama reveals SUI’s Total Value Locked (TVL) increased by over 828% in the last three months, reaching a current value of $319.23 million from $54.39 million at the beginning of October. Sui Foundation’s General Manager Greg Siourounis marked the $300 million TVL as a significant milestone, indicating over 2000% growth since August 2023.
SUI’s rising TVL is supported by protocols like Cetus, a decentralized exchange with $62 million locked, and Navi Protocol, which saw a 485% increase to a $60 million TVL in the last 90 days. Other contributors include Scallop Lend, DeepBook, and FlowX Finance.
After its mainnet launch, Sui attracted new projects to its ecosystem, including Solend, a major lending protocol from the Solana ecosystem, announcing expansion plans into Sui. SUI’s price found support at $0.36 and surged roughly 300% to $1.4486 on January 15. Key resistance levels to watch are at $1.40 and $1.44, with further psychological barriers at $1.60 and $1.70.
