- Sui Foundation selects Coinbase Prime to manage community treasury.
- Sui Network nears Avalanche in Total Value Locked (TVL), now close to $1 billion.
- SUI price has dropped 4.5% in the last 24 hours, currently trading at $1.58.
The Sui Foundation announced over X that it has chosen Coinbase Prime for custody and treasury management services for the Sui Network. This move means that Coinbase and BitGo will now oversee community assets.
Notably, this partnership comes as part of a broader effort to secure and streamline the management of community funds. Coinbase Prime’s involvement can boost the Sui Network’s credibility, potentially drawing more institutional investors to the SUI ecosystem.
Sui TVL Reaches an All-time High
At the same time, the Sui Network has seen a major increase in total value locked (TVL), nearing the $1 billion mark, a 40% increase in the last month. Currently, Sui holds over $900.13 million in TVL, closing the rank to Avalanche ($968.23 million) and Polygon ($905.84 million).
This solidifies Sui’s position as a major player in the Layer-1 blockchain space. The rapid growth in TVL reflects rising interest in the Sui Network, with prominent asset managers like Grayscale now offering SUI Trust. Additionally, SUI is gaining recognition as a potential “Solana-killer” in the DeFi market.
SUI Technical Analysis
From a technical perspective, the SUI shows a mix of bullish and bearish indicators amid the latest announcement from the Foundation. SUI is currently trading at around $1.51, down by 4.5% in the last 24 hours. Despite this, the price remains above the 100-day simple moving average (SMA) of $1.1355, a positive sign of ongoing momentum.
SUI’s current decline may test the crucial $1.4 level. A breach below this point could indicate a potential move toward the $1.16 support level. If the price breaks below $1.16, it may signal a further drop toward the $0.8690 level and beyond.
On the other hand, a strong rebound at the $1.4 level may signal another rise toward its all-time high of $2.18. A breakout above this level could indicate a continuation of the upward trend, possibly leading to a new ATH.
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