- SUI surges past EMAs, hints at strong bullish momentum, confirmed by trading volume.
- Grayscale backs Sui, citing a Facebook-engineer team and scalable blockchain advantages.
- DeFi activity spikes with $281M in 24H volume, rebuilding trust post-May hack.
According to Sui’s TradingView chart, it is currently on a strong bull run, which the rising momentum and large volume confirm. SUI has aggressively blown through critical exponential moving averages in the daily timeframe. They include $2.98 for the 20 EMA, $2.83 for the 50 EMA, $3.09 for the 100 EMA, and $3.27 for the 200 EMA.
SUI Is Still on A Bullish Trend
Currently, the token’s price is near $3.44, and it affirms the sustained dominance by buyers. The price levels of the EMAs have become support levels now.
Volume has also been enormous, exceeding $20.8 million. This provides additional proof of the price pattern. SUI has moved beyond the 0.236 Fibonacci level at $2.90, turning it into an extra support level for further price gains.
These support levels provide suitable entry levels for traders where they could make profits should the price maintain its upward trend. In addition, the token’s price is currently higher than the price corresponding to the VWAP ($3.31). This proves that the average buyer is currently in profit and they’re choosing to hold and not to sell. Momentum indicators also confirm the bullish trend.
Source: TradingView
Also Read | SUI Eyes Massive Rally; Bullish Wave Structure Targets $11.50 Breakout
Momentum Indicators Show Continued Strength
The Stochastic RSI is well into overbought territory, with values over 90. While this suggests short-term caution, it also reflects strong buyer dominance. The MACD shows a confirmed bullish crossover, with the MACD line moving above the signal line and the histogram printing green bars.
The RSI is now at 64 and shows rising buyer strength. But there is a long gap before hitting extreme overbought conditions. Together, these indicators suggest that Sui remains in a strong uptrend. If buying interest continues, the next potential target lies near $4.27, which was a major resistance back in May. If the market stalls, price may retest $3.10 or $2.90 as support.
Grayscale Endorsement and Ecosystem Growth Strengthen SUI’s Bullish Outlook
The positives from the chart are a reflection of a recently released report by Grayscale. According to the report, Sui has a competitive advantage over other blockchains because of its core technology. It also noted that several of its developers are former Facebook engineers, which gives added weight to its technical roadmap.
Grayscale pointed to Sui’s focused strategy and scalability as additional reasons why it stands out in the crowded blockchain space. The prices of other altcoins such as SUI, Ethereum, and Cardano have also been increasing after Bitcoin surpassed its earlier record high to currently trade above $113,500.
This ecosystem continues to show growth. It supports over 70 decentralized applications, and the total value locked on it has exceeded $2.6 billion.
DeFi Activity Shoots Up as Trust in the Ecosystem Rises Again
Stablecoin transactions on the platform amounted to $887 million within a month, and the adjusted volume increased to 151 billion, or a 5.6% rise. These figures suggest more activity and use of this network. Sui-based protocols have executed a transaction volume of $852 million within the past 30 days.
In the last 24 hours alone, this network’s DeFi transactions are worth $281 million. Also, one of the platform giants, Cetus, has managed transactions amounting to $116 million in the last day and $3.35 billion last month.
These positive trends show there’s fresh new attention on the network after a significant hacking incident two months ago.
Also Read | SUI Tests $3.20 Following Higher-Low Formation
Disclaimer: This article is based on real-time market data and general technical observations. It does not constitute financial advice. Always conduct your own research before making investment decisions.
