SUI remains over $3.30 following the Cetus breach late last week.
Sui network TVL improves after falling significantly Friday following the attack.
The derivatives picture suggests a comeback as short liquidations rise.
Sui (SUI) trades at $3.61 with a mild gain of 0.69% at press time on Monday, holding steady after the $223 million hack of Cetus, a Sui ecosystem Decentralized Exchange (DEX), while the broader market started the week well and Sui network metrics and derivatives market data indicate recovery chances.
Sui bulls rule above $3.30
Sui's price fell roughly 8% on Friday, forming a bearish engulfing pattern and targeting $3.30 support. With a long-tailed Doji candle on Sunday, the cryptocurrency maintained $3.30, indicating bullish confidence at lower levels.
The rising 50-day Exponential Moving Average (EMA) nears $3.30, adding dynamic support following the May 5 golden crossing with the 200-day EMA.
The long-tailed Doji suggests a reversal as SUI maintains over $3.30. The market action suggests $4.07, a critical support turned resistance, is imminent opposition.
However, SUI slowing around $3.30 lowers momentum signs. After falling from the overbought zone, the Relative Strength Index (RSI) at 50 loses momentum and remains flat. As bearish histograms rise, the MACD and signal line fall toward the centre line.
A dip beneath $3.30 support might extend the downturn to the 200-day EMA at $3.01 if momentum continues to decrease.
The Sui network stats start recovering.
SUI price movement is double-edged, although network recovery encourages bullish confidence. Sunday's Sui Total Value Locked (TVL) decreased $590 million to $1.54 billion from $2.13 billion on Friday, according to DeFiLlama. TVL rises to $1.68 billion during the short-term recovery.
The Sui network's stablecoin market value exceeds $1 billion, indicating liquidity. DEX traffic on the Sui network rose to $271.9 million at press time on Monday from $178.85 million on Saturday.
#sui #MarketRebound $SUI
