- The SUI token to pick up sustainable gains despite the ongoing market rally.
- The Layer-1 chain Sui has lost its top 10 spot by Total Value Locked.
- The token’s performance has cast doubts on its ability to reclaim its all-time high price.
Sui, the Layer-1 blockchain and smart contract platform, has demonstrated an impressive performance since the year’s start, recording new milestones and double-digit price upswings. From securing the 9th position by Total Value Locked (TVL) to nearing its all-time high trading price, the bullish performance has ignited a bullish trend among investors.
Despite expectations of the ongoing Bitcoin-led market rally to further fuel the momentum, SUI’s performance in the past week has painted an uncertain picture.
SUI Not Reclaiming ATH?
The native token, currently trading at $1.68, fluctuated between $1.58 and $1.70 in the past hours, only recording a 0.5% increase over 24 hours.
Sponsored
This marks a 12% decrease from its trading price of $1.9 on February 14, which sparked optimism among investors for the token to reclaim its once all-time high price of $2.16.
SUI’s performance contrasts with the broader bullish market sentiment, led by crypto giant Bitcoin (BTC), Ethereum, and prominent altcoins. The downturn has resulted in the token losing its position among the TOP 50 by global market capitalization, tumbling from 47th to 53rd.
While SUI’s underperformance doesn’t match the optimistic market sentiment, it’s not isolated. It coincides with a decline in the value of cryptocurrencies deposited in the DeFi protocol.
Sui Relinquishes Top TVL Spot
According to the decentralized finance analytics platform DefiLlama, Sui currently sits at the 11th spot of chains by TVL, boasting a value of $556.43 million.
Sponsored
This represents a slip from its 9th position milestone, now surpassed by Manta and Optimism. Despite the displacement from the top ten charts, SUI’s current TVL of $556.43 million marks a remarkable 163.73% increase from its year-start value of $211 million and an impressive 1500% surge over the past six months.
Sui surpasses notable chains like Aptos, Cardano, and Base, which currently hold 17th, 14th, and 13th spots, respectively.
On the Flipside
- The volatility of the crypto market presents challenges in predicting a definite direction for SUI, and its potential to reclaim $2 hinges on various market factors.
- On February 12, Sui announced plans to establish an academy in partnership with UAE-based AUS to promote blockchain education at the university level.
- On May 3, 2024, the pre-scheduled $962M token unlock for SUI will occur.
Why This Matters
SUI has had a parabolic run since the beginning of the year, positioning itself among the top-performing altcoins in the industry. However, the ongoing price waver underscores the volatility of the broader crypto market, even amidst the ongoing rally.
To discover more about SUI’s roadmap to the top-performing chains chart, read here:
Sui Surmounts Cardano, Aptos in TVL as DeFi Spurt Escalates
Read more about the Curve DAO Token performance as the markets jolt forward:
