Solana-killer Layer 1 blockchain – Sui Network –  is witnessing a strong demand within the decentralized finance (DeFi) market thereby triggering a strong recovery in the SUI price. Over the past month, SUI has gained a massive 60% moving all the way to $1.60 levels in the latest surge.

SUI Price Approaching New All-Time High

Earlier this year in March, the SUI price touched a new high above $2.08, along with the Bitcoin price hitting a new all-time high. However, within three months following it, it collapses all the way under $0.50 amid the broader market sell-off.

Showing resilience, SUI has staged a strong recovery since the June lows and is on the path to hit fresh all-time highs again. In the last 24 hours, the SUI is up 9.7% trading at $1.6 levels with its market cap at $4.2 billion and daily trading volumes shooting up 93% to $841 million.

As per the technical chart, the SUIUSDT trading pair has surged past the critical resistance of $1.57 and is eyeing the next resistance at $1.80 levels. Thus, there’s a high probability of SUI hitting its previous all-time levels and surging beyond that.

Sui Network Crosses $900 Million in DeFi TVL

Over the last month and more, the Sui Network has registered a strong resurgence in network activity amid the rising Defi activity on the platform. As per the official announcement, the Layer-1 blockchain has attained a major milestone crossing more than $900 million in total value locked (TVL) while securing the 8th spot among all other blockchain networks.

With this, SUI has clocked an impressive growth of 3,285% over the past year. The rapid rise in Sui’s TVL reflects growing interest and adoption within the crypto community resulting in the SUI price rally.

BREAKING: Sui now has $9⃣0⃣0⃣,0⃣0⃣0⃣,0⃣0⃣0⃣ Total Value Locked, now coming in at #8 of all chains for TVL

That’s a 3,285% increase in just 1 year

And there’s still 8 days left in #Suitember pic.twitter.com/DznCFDOq8h

— Sui (@SuiNetwork) September 22, 2024

With parallel transaction processing, the SUI Network undertakes a unique approach. Its architecture uses a horizontal scaling method that allows it to scale seamlessly. Sui utilizes an object-based storage model, enabling more efficient and streamlined state management. This approach reduces transaction finalization times, resulting in lower latency for decentralized applications (dApps) and DeFi platforms. As a result, Sui Network has outperformed top players like Ethereum, and Arbitrum recently.

Furthermore, it has been making key partnerships in the crypto arena. Last week, Circle decided to launch USDC ($1.00) stablecoin on the Sui Network with the goal of expanding its supporting blockchain base.

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