$SUI 7.67% 24-hour price surge to $4.38 reflects a technical breakout above $4.20, whale accumulation, and ETF speculation despite an upcoming token unlock.
Breakout above $4.20 resistance turned support
TVL recovery to $2B+ and whale buying signal confidence
ETF review optimism fuels bullish sentiment
Deep Dive
1. Primary catalyst: Technical breakout and whale activity
SUI broke above the $4.00–$4.20 resistance zone on July 27, flipping it into support with a 38.5% spike in 24-hour volume to $2.45B. On-chain data shows whales accumulating during the breakout, with technical analyst Carl Moon noting "sharp accumulation" patterns. The move triggered $6.38M in liquidations above $4.20, amplifying upside momentum.
2. Supporting factors: ETF speculation and TVL growth
Canary Capital's proposed SUI ETF is under SEC review, reigniting interest after a 53% price surge during initial filings. Simultaneously, Sui's Total Value Locked (TVL) rebounded to $2.17B (+26.84% MTD), with DEX volumes hitting $10.3B in July – a 657% YoY increase. This fundamental strength offsets concerns about August 1’s 44M token unlock ($193M at current prices) (SUI Network).
3. Technical context: Bullish patterns converge
The 1-day chart shows:
Bullish flag breakout targeting $4.80
Symmetrical triangle formation implying $7.80 longer-term
RSI at 69.41 (7-day) leaves room before overbought
Price holds above critical Fibonacci support at $3.91 (23.6%)
Conclusion
SUI’s rally combines technical momentum with improving fundamentals and speculative ETF tailwinds. While the $4.20–$4.38 zone now acts as support, traders should monitor August 1’s token unlock impact – will bulls absorb the $193M supply influx or retreat?