Data show Sui’s total value locked reached a record $2.6 billion, as capital poured into the network’s main protocols and set the next path for the SUI token among traders, builders and regulators. The locked-value surge aligns with fresh SUI price peaks and bullish technical signals, while upcoming supply unlocks introduce a test for how the market absorbs new emissions. TVL serves as a gauge of adoption and liquidity alongside the wider market context.
Suilend holds $762.86 million, NAVI $725.47 million, Momentum $551.51 million, Bluefin $236.47 million and Haedal $187.02 million, concentrating the bulk of assets on the network. DeepBook, an order book DEX, nears $500 million and adds depth to on‑chain liquidity, reinforcing trading infrastructure as capital aggregates across these venues.
Sui posts the fastest TVL growth among the top five non‑EVM chains, underscoring momentum that coincides with increased participation from traders and builders. TVL counts the capital parked in smart contracts or DeFi apps and also gauges both adoption and liquidity, providing a lens on network usage as flow.
Market signals, supply dynamics and outlook
The locked value surge lines up with fresh price peaks for SUI in several pairs: $4, $4.91, €5.19 and $5.36, highlighting broader interest as liquidity deepens. Chart signals that some traders label bullish — a “Golden Cross” and channel breakout — appeared at the same time, framing near‑term sentiment as constructive.
Near‑term targets at $4.50–$5 and longer‑range marks at $7, $10 and $23.77 by 2030, while SUI moves with a 0.82 correlation to Bitcoin, tracking the wider market. These references set potential paths but remain contingent on liquidity conditions and macro flows.
Between 3.39 billion and 3.5 billion SUI circulate now out of a 10 billion cap — only 31.7% of the total is free, shaping float dynamics as participation grows. On April 1, 2025, another 2.03% of supply unlocked, worth roughly $148.29 million to $159.20 million, and that extra float tends to lift volatility, making liquidity and demand depth critical variables.
Demand cushions include stablecoin inflows, integrations such as Backpack, and rising institutional talk of ETFs and public‑fund holdings, each adding depth and confidence if sustained. Sui runs as a Layer 1 built by Mysten Labs, uses the Move language, and reaches consensus through delegated Proof‑of‑Stake, defining the stack that underpins the activity now reflected in TVL and price.
The test will be how the market digests the emissions that follow the April 2025 unlock, and that absorption will decide whether the recent price move holds, setting the near‑term narrative for SUI’s performance.
