Sui ($SUI) has gone through noteworthy volatility over the past 30 days, indicating robust liquidity inflows as well as technical corrections. As a result, Sui’s ($SUI) current price is hovering around $1.36, indicating a 4.5% dip over 24 hours. Additionally, the market capitalization of $SUI accounts for $1.56B, whereas the fully diluted valuation (FDV) thereof is notably higher, sitting at $13.61B. This highlights a key difference between $SUI’s total supply and circulating supply.
$SUI’s Trading Volume Spikes Despite Price Drop over 24 Hours Amid Robust Long-Term Potential
Despite the 4.5% price decrease over 24 hours, $SUI has experienced a significant rise in its 24-hour volume, hitting the $714.91M mark. This figure signifies a 16.26% increase over this period. With 3.79B in its fully diluted valuation, $SUI shows a huge difference between the present circulating supply and the total supply of up to 10B.
The weekly price trajectory of $SUI displays a drop from $1.51 spot to $1.30, underscoring bearish sentiment following sheer correction. However, the monthly outlook of $SUI highlights a bullish trajectory. In this respect, it has jumped from $1.47 to almost $2.00 ahead of a pullback to the present levels.
TVL Spikes Above $920B, Solidifying Liquidity Moat for Broader Adoption
Additionally, as Sui Media points out, the $SUI’s total value locked (TVL) has ultimately surged above $920B. Interestingly, this points toward the growing liquidity levels, fortifying the Sui ecosystem. With native $BTC moving on-chain, the platform is becoming a crucial player when it comes to cross-chain liquidity, likely advancing its adoption.
Moreover, the ongoing price action of $SUI appears analogous to a classic Elliott Wave pattern that includes 5-wave upward momentum leading to a 3-wave correction. Thus, in the case of this pattern’s continuation, the market onlookers target $8 as the price level of $SUI.
Overall, the present retracement to the $1.36 spot may serve as a consolidation instead of a breakdown. In the meantime, traders continue to closely watch for the key market indicators for $SUI’s next move.
