- SUI has topped the crypto market by gains for the month of August
- SUI set to replicate Solana’s success in early days as TVL noted steady growth
The crypto market rebounded strongly after the 5 August crash triggered by Japan’s stock market downturn. Despite initial deep losses, however, major cryptocurrencies have since recovered.
In fact, according to CoinMarketCap, the top five gainers in August are as follows – Sui (SUI) surged by 68.65%, Helium (HNT) rose by 49.27%, Aptos (APT) gained 32.29%, Toncoin (TON) increased by 26.28%, and Fantom (FTM) rounded out the list with a 26.13% hike.
Source: CoinMarketCap
This recovery highlights the resilience and ongoing strength of the SUI network which makes it a good opportunity to invest in for long term gains.
SUI is emerging as a strong contender among Layer 1 (L1) blockchains for this cycle, similar to how Solana ($SOL), Avalanche ($AVAX) and Fantom($FTM) dominated the last cycle. In fact, the SUI ecosystem seemed to show significant potential for a parabolic rise.
Key factors include robust technology, backing from top industry players, consistent Total Value Locked (TVL) growth, and listings on major exchanges.
Here, it’s worth pointing out that the current trajectory of SUI mirrors Solana’s early days – A sign that it could replicate Solana’s success.
That’s not all either as some analysts are projecting potential 2500% gains for SUI. They are doing so by looking at Solana’s initial performance and identifying that SOL’s 2-day market cap chart mirrored SUI/USDT’s 2-day price chart.
Source: TradingView
Total crypto market cap on the weekly chart forms a doji
At the time of writing, the total crypto market cap chart revealed Doji candles forming for consecutive weeks, signaling a balance between buyers and sellers and a potential trend change.
After capitulation, the market tested and untested demand, leading to a significant bounce. It’s common for prices to retest support after breakouts, sometimes quickly, but this time it took months to retrace.
While many technical indicators suggest a bottoming out of altcoins, the future remains uncertain. This makes it wise to prepare for a potential bull run for SUI Network.
Source: Will, TradingView
Rising Total Value Locked
Finally, the SUI ecosystem has seen remarkable growth on other fronts too, with the Total Value Locked (TVL) soaring from under $12 million in mid-2023 to over $622 million at press time.
In fact, despite SUI being down 58% from its all-time high, its TVL has only fallen by 17%, indicating strong user retention. This stability suggests that users remain committed to the platform.
Source: DefiLlama
Additionally, the ecosystem is thriving, with four SUI protocols now boasting over $90 million in TVL.
What this does is simply highlights the platform’s solid performance and potential for sustained success in the long term.
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