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  SUI is at All-Time High, But Couldn't Break the $4 Barrier
The price of SUI has been on a remarkable rise recently, reaching a new all-time high and rising almost 74% in the last month. This increase reflects the asset's growing momentum, supported by increased adoption and market activity.
Apart from the price performance, SUI's Total Value Locked (TVL) has also retreated slightly after reaching a record-breaking $1.65 billion.
SUI Breaks Record in Total Locked Value
SUI Total Value Locked (TVL) is hitting new highs, reaching an impressive $1.65 billion on November 15. However, it has since declined slightly, stabilizing around $1.62 billion over the past few days.
This change indicates a cooling period after the strong growth curve observed at the beginning of the month.
Tracking SUI's TVL is critical as it reflects the platform's ability to attract capital and maintain user trust. Since surpassing $900 million on October 28, SUI has consistently demonstrated the capacity to lock in significant value. It marked its first milestone with $1 billion TVL on September 30.
However, the decline in recent growth momentum may suggest that there may be a pause in this upward trend.
SUI Current Uptrend Not That Strong Anymore
SUI's Average Directional Index (ADX) has dropped significantly, currently standing at 18, from over 30 two days ago. This decline shows that although SUI is still in an uptrend, the strength of this trend is weakening.
A falling ADX generally indicates declining momentum. It suggests that SUI's recent price movements may lack the vigor seen in the current rally.
ADX measures the strength of a trend, regardless of its direction, and has key thresholds that indicate different levels of momentum. Readings below 20 indicate a weak or non-existent trend, while readings above 25 indicate a strong trend is gaining momentum.
If SUI ADX falls below this threshold value, it shows that the uptrend may lose momentum. If this weakening trend continues, SUI price may face consolidation or even pullbacks in the coming days.
SUI Price Prediction: Could It Surpass $4 Soon?
If SUI regains its current uptrend strength, it is likely to test the resistance at the previous all-time high at $3.94. A break of this level could pave the way for further gains towards the next important threshold, which is $4.
This scenario signals new bullish momentum and may be of interest to traders looking to capitalize on the rally.
On the other hand, a return to a downtrend could cause SUI price to test the nearest support at $3.1. If this level cannot be held, the price may drop further to $2.2.
This represents a potential 39% correction, indicating significant downside risk if market sentiment turns bearish.