SUI TVL surpasses $82 million despite price decline
- Total value locked in SUI climbed to $82.62 million as the protocol gains relevance among traders.
- SUI token unlock event increased selling pressure on the asset, the token nosedived nearly 5%.
- Total transactions on SUI exceeded 528 million in October, signaling rising demand for the asset.
SUI, a Layer 1 blockchain token noted a steep decline in its price following the token unlock event on November 3. Despite the price decline, the Total Value Locked (TVL) in SUI climbed past $82.62 million. Rising TVL is likely a bullish catalyst and the asset’s price recovery is likely.
Also read: SUI price at risk of decline with upcoming $15.8 million token unlock
SUI token unlock triggers price decline in the asset
SUI tokens worth $15.33 million were unlocked early on Friday. A total of 34.62 million SUI tokens entered the circulating supply, increasing selling pressure on the asset. SUI price declined 4.12% on the day, the asset is changing hands at $0.4389 on Binance.
The token unlock event acted as a bearish catalyst for the asset.
SUI TVL explodes, crosses $82.62 million
Based on data from DeFi tracker DeFiLlama, there is a spike in the total value of assets locked on the SUI blockchain. The number climbed consistently, hitting a peak of $82.62 million, on November 3.
The rising TVL is indicative of increased trust among market participants and the rising relevance of the SUI blockchain.
SUI TVL
The total number of transactions on the SUI blockchain exceeded 528 million in October. This sheds light on the demand for SUI among traders.
The rising onchain activity in SUI supports a bullish outlook for the asset’s recovery. SUI price is therefore likely to recover from the recent correction and wipeout losses from the past month.
(This story was corrected on November 3 at 08:50 GMT to say that SUI's Total Value Locked exceeded $82 million, not billion.)
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
