Despite rapid growth, SUI’s price continues to lag TVL but shows signs of an imminent breakout.
Sui’s total value locked (TVL) soared above $2.6 billion, setting a new record high, as decentralized finance (DeFi) activity surges in October.
The development comes as the SUI token continues to face market challenges. However, market analysts are optimistic that the asset can stage a notable breakout.
According to data from DefiLama, Sui’s DeFi ecosystem hit new records, with total value locked climbing to over $2.6 billion this week.
“TVL is above $2.6 billion now, 12.82% increase over the past week. Defi activities are heating up with Cetus, Bluefin and suilend leading,” an analyst posted.
Sui’s soaring TVL reflects more than just a bullish phase — it signals a lasting shift in DeFi market share. According to a blog from the Sui Foundation, the network’s total value locked climbed from under $250 million at the start of 2024 to over $1.75 billion by year-end. Now, with TVL surpassing $2.6 billion, Sui has recorded more than a tenfold increase in less than two years.
Furthermore, the network has also surpassed its peers in stablecoin dominance. As of October 7, SUI’s stablecoin market cap reached $921 million, outpacing networks like TON, Mantle, and Optimism.
Besides network growth, institutional interest is rising as well. The new Altcoins ETF (DIME) by CoinShares gives US investors access to SUI and other layer 1 assets, suggesting greater confidence and capital inflow
Despite Sui network’s surge, its token still lags behind. BeInCrypto Markets data showed that SUI’s price has dropped 5.7% over the past month.
At the time of writing, the altcoin traded at $3.40. This represented a drop of 2.11% over the past day.
Yet, many market analysts believe that a price recovery maybe near. According to market watcher, CryptoPulse SUI is consolidating within an ascending triangle pattern — a bullish formation that often precedes a breakout.
The analyst highlighted resistance between $4.12 and $4.45, noting that a brief pullback toward the $3.20-$3.18 support zone remains possible before a potential rebound.
Analyst Michaël van de Poppe also added that SUI could be on its way to reach a new record high.
Thus, while the signals and fundamentals remain bullish, it remains to be seen whether the price can actually rise to record highs or whether more dips will follow.
