SUI hit a record $14.8B in DEX volume, signaling explosive DeFi activity.
Price remains stuck below $3.87 despite rising TVL and strong on-chain signals.
Liquidation zones and cautious sentiment may block a breakout unless bulls step in.
Sui — SUI, recently posted its strongest monthly DEX volume ever, but the price barely moved an inch. That $14.8 billion figure from May 2025 shattered expectations. It's nearly four times the usual flow.Naturally, traders expected a rally. That didn’t happen. The token continues to hover below a familiar ceiling. So, what’s going on? Why does this chart feel stuck in traffic while the fundamentals race ahead?
https://twitter.com/AusMundy/status/1928002582439677958 DeFi Momentum Builds, But Bulls Remain Cautious
The SUI ecosystem keeps growing stronger. TVL climbed to $2.34 billion in just 24 hours. This 7.69% surge shows that capital keeps flowing into SUI-based DeFi protocols without hesitation.Traders appear cautiously optimistic, as spot flows show a small yet steady accumulation trend. Over $54.9 million entered SUI, while $53.6 million exited—leaving a $1.31 million net inflow. That kind of movement often signals long-term investors are building positions quietly during dips.
Yet, despite strong fundamentals, price action continues to drag behind. The Open Interest dropped 2.83% to $1.79 billion. That suggests short-term traders are playing it safe. Either they’re booking profits or waiting for clarity before re-entering leveraged plays. This drop reflects uncertainty, not weakness. Currently, SUI trades near $3.69, up nearly 4% for the day. However, resistance around the $3.87 to $4.13 zone remains a tough wall to crack.
The Liquidation Cluster Dilemma
SUI has tried to push through for weeks. So far, buyers keep getting turned away at the door. Technical indicators mirror the mood. The MACD’s bullish momentum has started to fade. Signal lines now move closer together. The histogram shrinks, like watching a storm lose power. This signals hesitation. Traders want confirmation before betting big again. SUI faces another problem — liquidation clusters between $3.60 and $3.87. These pockets can act like traps.
As price nears them, short sellers often defend their turf. Some close early, others get liquidated, adding to volatility and hesitation. If bulls push past $3.87, a short squeeze could launch the token toward $4.97. That breakout could trigger panic buying and change the whole sentiment instantly. However, failure to breach this level risks a drop to $3.57—or worse, $3.12.
The setup feels like a coiled spring, loaded with potential but waiting for ignition. Until then, even record-breaking metrics might not be enough to lift SUI higher. The next move belongs to the buyers. The chart waits for strength.If that breakout comes, the price may finally follow the volume’s explosive lead.
