Sui price did well in a difficult period in the market as demand for the token continued rising. The token jumped to a high of $1.2284, its highest point since January 18th. It has surged by more than 15% in the past 24 hours while coins like Bitcoin, Ethereum, Ripple, and EOS pulled back.
Sui DeFi performance is doing well
Sui, a recently launched blockchain network, is doing well as it continues attracting developers and users in its ecosystem. One way of looking at this is through its performance in the Decentralized Finance (DeFi) industry, one of the biggest use cases of the network.
Data compiled by DeFi Llama shows that the network is seeing inflows. The Total Value Locked (TVL) in the ecosystem jumped to a record high of over $341 million. This makes it the 11th biggest DeFi network using this metric. It is bigger than Cardano, Cronos, Algorand, and EOS.
Most DeFi networks in Sui are gaining market share. Scallop Lend’s assets have jumped by almost 80% in the past 30 days to over $65 million. Similarly, NAVI Protocoll’s assets have climbed to over 131% while Cetus, Aftermath Finance, FlowX Finance, and DeepBok have soared by over 50% in the past 30 days.
To be clear. While the DeFi TVL is a good and popular metric, it does not tell the whole story of a blockchain network. Instead, you should look at other metrics to see whether there are any transactions in the network.
For example, Cetus, the biggest DEX in Sui, has grown its daily transactions to over $36 million, making it the 31st biggest DEX in the world. This is a good number considering that Ceyus is a fairly new exchange. In a recent note, the developers said that it took them one year to hit $1 billion in trading volume and less than 2 months from $1 billion to $2 billion.
Sui’s rally has also been accompanied by resilient volumes in the futures market. Data by CoinGlass shows that the open interest in the ecosystem has surged to over $120 million in the past few weeks. This is an important metric that looks at a network’s demand among traders.
Sui price forecast
Sui token jumped to a record high of $1.4495 on January 15th as demand for the token jumped. Like other altcoins, it started retreating and reached a low of $1.01 on Monday. It is now attempting to bounce back as investors buy the dip. The coin has moved above the 50-period and 25-period moving averages, which is a positive sign.
Therefore, the outlook for Sui is mildly bullish, with the next price to watch being $1.3445, its highest swing on January 18th. This price is about 16% above the current level. A move above it will see it jump to its all-time high of $1.4495.