- Sui gets more than 8% profit on Monday, broken above the level of $ 3.
- The total value (TVL) locked on the SUI blockchain climbed 5% in the last 24 hours, reaching $ 1.43 billion.
- Technical and on-chain indicators support a rapid outlook, positioning needle for the benefit of double digits.
The needle, layer 1 blockchain’s country tokens, rally on Monday, are trying to get out of their bottom trend starting on 6 January. The eyes of the token ride on the catalyst rapidly.
There is a possibility of needle benefit with the following catalyst
According to Defilama data, the total value of the token (TVL) locked on the needle has climbed 5%, up to $ 1.43 billion. Sui’s TVL has fallen from the summit of 7 January of $ 2.065 billion seen in the chart below.
Recovery in TVL means an increase in investors’s confidence and demand for tokens among traders.
Sui TVL | Source: Defilama
On-chain indicators in derivative exchanges support a thesis for further benefits in tokens. The total funding rate collected by SUI in derivative exchanges became positive for the first time last week.
Total open interest, indicating the value of all open derivative contracts, climbed to $ 352.55 million as a feeling among traders this week.
Needle on-Chain Matrix | Source: Santosh
The needle can rally a 23%rally, a bottom trend can get out
SUI/USDT daily PTICE chart suggests that the major motion indicator, the relative power index (RSI) is sloping upwards and reads 38. The moving average convergence deviation (MACD) indicator reflects an underlying negative speed in the SUI price trend.
SUI can get support in an imbalance area between $ 2.85 and $ 3.02, a fair price difference (FVG) on a daily time frame.
Sui faces resistance to FVG between $ 3.0758 and $ 4.0105. The target is the upper range of the imbalance area at $ 4.0105.
Needle/USDT Price Chart
Failure to break into the imbalance area this week may decline in the support area and improve $ 2.85 support level.
