SUI TVL reaches all-time high above $720 million as markets anticipate Sui Basecamp

• Sui price is up 30% this week with most gains registered on Wednesday with TVL going past $720 million.
• SUI could extend higher amid anticipation for the Sui Basecamp from April 10-11 in Paris, France.
• A break and close below $1.2806 support would invalidate the bullish thesis.  

Looking at tokens built using the Move programming language, Sui (SUI) is an outlier, outperforming its peer Aptos (APT). While Sui price is up almost 20% in the past 24 hours, its counterpart on the Move code, Aptos, has dropped nearly 10%. Alongside the surge in price for SUI, the Layer 1 (L1) token’s total value locked (TVL) has also recorded a new all-time high (ATH).

Also Read: SUI bridged nearly $310 million in assets from Ethereum, exceeding all other blockchains combined

SUI TVL explodes past $720 million

Sui price has exploded, and with it, the TVL. Sui’s TVL recorded a new all-time high at $726 million. Notably, this momentous milestone has been achieved in a record less than a year since Mainnet launch.

SUI TVL

A rise in TVL, effectively representing a rise in capital locked into a protocol, shows a growing user base and increased capital inflows. It also points to greater trust and confidence in the concerned protocol as users find value in the protocol and are open to locking their assets with that protocol.

Meanwhile, the network is about two weeks from the Sui Basecamp, scheduled for April 10-11, 2024. Marking the inaugural global event for Web3 pioneers, the Sui Basecamp will bring together builders, developers, thought-leaders, and enterprises.

With the theme to inspire the future of Web3, the Sui Basecamp will see industry luminaries share insights on emerging technologies, key trends and the rise of Web3, with participants getting an opportunity to connect and participate in discussions.

SUI price could rally 50% ahead of Sui Basecamp

As long as the broader market continues to run, Sui price could continue with the gains until at least April 10, in line with the “buy-the-rumor, sell-the-news” situation. Based on the Fibonacci retracement indicator, enhanced gains could see the SUI price rise about 50% to $3.3140 level.

A candlestick close above $2.1900 on the three-day time frame would attract more buyers. Multiple technical indicators lean in favor of the upside, starting with the Relative Strength Index (RSI) climbing to signify rising momentum.

The Awesome Oscillator (AO) histograms have also sustained a series of green bars, indicating growing bullish sentiment. The Moving Average Convergence Divergence (MACD) indicator accentuates this, as it is about to record a bullish crossover above the signal line (orange band). The move would signal the beginning of yet another bullish cycle.

SUI/USDT 3-day chart

On the other hand, if traders cash in on the gains made so far, the Sui price could retract, potentially revisiting the 50% Fibonacci placeholder at $1.2806. A three-day candlestick close below this level would invalidate the bullish thesis, with the fall likely to extend to the $1.0000 psychological level. 

Also Read: Altcoins that show strength during Bitcoin price decline: JUP, SEI, AVAX, GALA and Sui