SUI shows signs of potential breakout, as technical setups align with strong on-chain growth. The price hovers near a critical resistance area while the Sui blockchain records sharp increases in total value locked and wallet user numbers.
Trading activity remains high, albeit slightly lower in volume compared to recent peaks. Analysts point to the market structure and ecosystem momentum as key triggers behind the increasing interest. With many data points converging, SUI may witness a new rally.
●• The SUI price hovers near a major technical level
The current price of SUI is $3.12, holding above the critical support level between $2.63 and $2.85.
Chart analysis shows that this area has served as a solid base during previous corrections. The descending resistance trendline is now converging with overall liquidity near the $3.30 level.
The Sui blockchain has seen significant expansion since January. Van de Poppe noted that the supply of stablecoins on the network has risen from $400 million to nearly $1.2 billion. This increase indicates growing user confidence and capital inflow into the ecosystem.
Furthermore, the total value locked across Sui protocols has reached $1.8 billion. This places the token third among the largest non-EVM chains in terms of TVL. The ongoing increase in locked assets reflects increased participation in decentralized finance (DeFi) applications.
●• Activity in the SUI wallet and lending protocols is witnessing an uptick
The adoption of wallets is gaining momentum after major mergers. The launch of the Slush wallet, a rebranding of the SUI wallet, along with support from Phantom, has contributed to an increase in user numbers. These developments enhance accessibility and encourage broader participation.
In parallel, the SuiLend lending protocol has experienced strong growth. It now holds over $600 million in TVL, marking a 90% increase within a month. This rise highlights growing interest in native on-chain financial tools. As market conditions change, traders are watching the resistance level at $3.30. Previous patterns suggest that breaking this level could trigger a new bullish trend. It is believed that the area above this price contains trapped liquidity, which could accelerate price movement.
Although the SUI token has fallen by 6.16% over the past week, its current structure reflects strength. Continued consolidation above the support level, along with rising fundamental factors, indicates increasing market pressure for a bullish breakout.
Analyst Michael van de Poppe indicates that reclaiming the $3.15 to $3.30 zone could lead to a wave of short position liquidations. This could result in a rapid upward movement, with targets set above $4.00. Trading volume over the past 24 hours exceeded $825 million, despite a 15% decline compared to the previous day.