- SUI led the crypto market with profits for the month of August
- SUI wanted to replicate Solana’s success from the early days when TVL was experiencing steady growth
The crypto market rebounded strongly after the August 5 crash caused by the Japanese stock market decline. Despite the initial large losses, the major cryptocurrencies have since recovered.
According to CoinMarketCap, the five biggest gainers in August are as follows: Sui (SUI) rose 68.65%, Helium (HNT) rose 49.27%, Aptos (APT) gained 32.29%, Toncoin (TON) rose 26.28%. %, and Fantom (FTM) rounded out the list with an increase of 26.13%.
Source: CoinMarketCap
This recovery highlights the resilience and continued strength of the SUI network, making it a good opportunity to invest in for long-term gains.
SUI is emerging as a strong competitor among Layer 1 (L1) blockchains for this cycle, similar to how Solana ($SOL), Avalanche ($AVAX), and Fantom ($FTM) dominated last cycle. In fact, the SUI ecosystem seemed to show significant potential for a parabolic rise.
Key factors include robust technology, support from top industry players, consistent Total Value Locked (TVL) growth and listings on major exchanges.
Here it’s worth pointing out that SUI’s current trajectory mirrors Solana’s early days – a sign that it could replicate Solana’s success.
That’s not all, as some analysts predict a potential gain of 2,500% for SUI. They do this by looking at Solana’s initial performance and noting that the two-day market cap chart of SOL mirrored the two-day price chart of SUI/USDT.
Source: TradingView
The 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 over consecutive weeks, indicating an equilibrium between buyers and sellers and a potential trend change.
After the capitulation, the market tested demand, but also untested it, leading to a significant rebound. It is common for prices to retest support after outbreaks, sometimes quickly, but this time it took months to come back.
While many technical indicators point to a bottom for altcoins, the future remains uncertain. This makes it wise to prepare for a possible bull run for SUI Network.
Source: Will, TradingView
Increasing total value locked
Finally, the SUI ecosystem has seen remarkable growth on other fronts as well, with Total Value Locked (TVL) increasing from less than $12 million in mid-2023 to more than $622 million at the time of writing.
Despite SUI being down 58% from its all-time high, TVL is only down 17%, indicating strong user retention. This stability suggests that users remain engaged with the platform.
Source: DefiLlama
Furthermore, the ecosystem is thriving: four SUI protocols now account for more than $90 million in TVL.
What this does is simply highlight the solid performance of the platform and its potential for sustainable long-term success.