$SUI Holds $3.30 — Is a Major Rebound on the Horizon?
Sui (SUI) is holding steady at $3.61, up 0.69% as of Monday, following the major breach of Cetus, a decentralized exchange (DEX) within the Sui ecosystem. Despite the $223 million hack late last week, SUI has maintained key support at $3.30, suggesting potential for a rebound as both network activity and derivatives data point to signs of recovery.
The token dipped about 8% on Friday, forming a bearish engulfing pattern, and tested support at $3.30. A long-tailed Doji candle on Sunday confirmed buyers’ resilience at lower levels. This support aligns closely with the rising 50-day Exponential Moving Average (EMA), which crossed above the 200-day EMA on May 5 in a bullish golden cross. While the $4.07 level remains a key resistance, recent price behavior shows bulls are defending the $3.30 mark.
However, momentum is mixed. The Relative Strength Index (RSI) is flat at 50, signaling waning strength, while the MACD is drifting toward the centerline with growing bearish histograms. If SUI breaks below $3.30, the next likely support is the 200-day EMA around $3.01.
Still, network metrics are showing encouraging signs. According to DeFiLlama, Sui's Total Value Locked (TVL) rebounded from a sharp drop—falling from $2.13 billion on Friday to $1.54 billion on Sunday, then recovering to $1.68 billion by Monday. Meanwhile, stablecoin market cap on the network now exceeds $1 billion, and decentralized exchange (DEX) traffic surged to $271.9 million, up from $178.85 million just two days earlier.
Overall, while technical indicators present a mixed picture, growing network liquidity and activity suggest SUI may be gearing up for a potential recovery—provided the $3.30 support continues to hold.