Sui Shows Great Resilience, Aiming for $4.5 at the End of the Rally
SUI is climbing again, jumping over 15% to trade around $3.97. It broke past key technical levels, showing rising investor confidence. Behind the move is strong DeFi growth, with TVL nearing $2 billion. Just weeks ago, it stood at $1.54 billion. This rise shows users are locking tokens instead of selling, easing pressure on the price.
A key driver is the integration of Threshold's Bitcoin-backed tBTC. It added over $500 million in Bitcoin liquidity to the Sui network. BTC-backed assets now make up 10% of Sui's TVL. Since February, nearly 600 BTC have moved to Sui, boosting both liquidity and utility.
The derivatives market backs the trend of Sui being one of the best cryptos to buy. Open Interest rose 14% to $1.45 billion. Volume spiked 74% to $5.43 billion. Shorts took most of the hit, with $3.88 million in liquidations, while longs lost only $217K. A long-to-short ratio of 1.0288 shows the market is leaning bullish.
Technicals are also solid. SUI reclaimed its 100-day EMA at $3.07 and holds above the 50-day and 200-day EMAs. The MACD flipped bullish on June 28 and continues to rise. Traders now watch the $3.90 and $4.50 resistance levels.
A break above could complete a bullish double bottom and send SUI higher. If the rally stalls, $3.00-$3.07 should provide strong support. For now, bulls control the momentum.
