Sui Price Holds Steady Amid Market Optimism
Sui (SUI) remains above $3.62 after rising past $3.70 on Wednesday. This move follows a positive shift in the overall cryptocurrency market. The Layer-1 token’s technical setup looks strong. Bulls aim for a 22% gain to reach $4.43.
Sui DeFi Ecosystem Shows Strong Growth
Sui’s DeFi staking protocol grew to $2.29 billion on July 28. It later dropped to $1.91 billion in early August due to weaker market sentiment. Total Value Locked (TVL) in Sui’s DeFi averaged $2 billion by the end of last week.
TVL measures the total value of coins locked in smart contracts on the network. A rising TVL signals growing investor trust in Sui. More tokens locked in staking reduce the circulating supply. This lowers selling pressure and supports price gains.
Retail interest in SUI is also rising. Futures Open Interest (OI) reached $1.98 billion on Friday, up from $1.78 billion on August 22, according to CoinGlass. OI shows the total value of active futures contracts. The increase suggests investors expect Sui to break above resistance and rise to $4.43.
Technical Outlook: Potential for a Breakout
Sui trades above key moving averages: the 50-day EMA at $3.50, the 100-day EMA at $3.44, and the 200-day EMA at $3.29. These averages slope upward, indicating bullish momentum.
The MACD indicator gave a buy signal on Monday and remains positive. This supports continued buying interest. A break above the descending trendline could push Sui’s price up by 22% to $4.43, a level last tested on July 28.
However, traders should watch for early profit-taking. This could cause a pullback toward the moving averages near $3.50, $3.44, and $3.29.
