SUI is the native token of the first-layer blockchain Sui Network, which has surged by 70% in the past week and continues to reach new highs, outperforming most altcoins in recent months. SUI is currently the 14th largest cryptocurrency by market capitalization, becoming a profitable investment.
According to data from CoinMarketCap, SUI's trading price is $3.15, having risen by 9.87% in the past 24 hours and 56.35% in the past 30 days. Since November 2023, this altcoin has surged by 441.76%, with its market cap increasing from $584 million to $8.96 billion at the time of this writing, demonstrating huge growth potential.
About an hour ago, SUI set a new all-time high of $3.28, and the current trading price is 3.54% lower than that. According to data from DefiLlama, the total locked value (TVL) of the blockchain protocol is also on the rise. SUI's TVL has increased from $133 million on November 11 last year to $1.383 billion at the time of writing.
Meanwhile, the token value and TVL of the lending protocol Scallop (SCA) on the Sui Network have also seen growth. Scallop's TVL is currently $180 million, a significant increase from $1.02 million on August 20. The SCA token has risen by 67.95% in the past seven days.
Is SUI's strong fundamentals capable of reaching $10?
As cryptocurrencies continue to reach new highs, SUI's fundamentals appear strong. The daily chart provided by TradingView shows a clear upward trend for altcoins. The trading volume of SUI is currently $3.23 billion, also showing significant growth. While all signs indicate that SUI will rise to $10, there is one caution.
The relative strength index (RSI) value of SUI is above 78, indicating that the cryptocurrency is overbought, and altcoins are certainly likely to see a pullback in the short term.
