$SUI
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Stablecoins, DEX Volume, and DeFi Growth Boost Optimism for SUI
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Sui is holding onto its recent gains, even as the overall crypto market cools off after Wednesday’s rally. Strong upgrades in its DeFi (Decentralized Finance) ecosystem have helped Sui recover and stay strong.
Last week, trading volume on Sui’s decentralized exchanges (DEXs) jumped 38.51% to $2.77 billion, including $806 million in the past 24 hours.
On Thursday, SUI’s price rose to $2.97, showing strength despite a bearish trend across the broader crypto market. If interest in Sui’s DeFi projects continues, the token could push past its intraday high of $3.12.
Sui is becoming a serious competitor among layer-1 blockchains. Its Total Value Locked (TVL)—which measures the total value of crypto held in DeFi smart contracts—grew 9.64% to $1.595 billion, according to DefiLlama.
The value of stablecoins on the network also increased by 7.81% to $865.2 million, with USDC making up 71.64% of that total.
Sui’s DEXs are among the top performers, with $806 million in 24-hour volume and strong weekly growth.
SUI’s price recently broke above a downward trendline and is currently around $2.98. Its Relative Strength Index (RSI) is at 69.26, close to the "overbought" level, signaling continued buying pressure.
If the price can close above $3.00, bulls might aim for the next resistance level at $3.58, last seen in February.
However, since the RSI is nearing overbought territory, there could be a price pullback soon. Traders should monitor the RSI—if it starts dropping, it could signal a bearish turn.
Support levels to watch are:
$2.75, where the 100-day and 200-day Exponential Moving Averages (EMAs) meet.
If that breaks, the next key support is around $2.46, marked by the 50-day EMA.