Key Insights
- SUI price is trading near $4 after a rebound from its recent multi-month lows.
- Technical signals show that the asset could reach $6.90–$7.00 in the next few weeks.
- Some tailwinds for its growth include DeFi growth, new exchange listings, and institutional interest.
SUI price is hovering near $3.93, after recovering from a recent pullback that saw it dip to $3.81. The rebound came amid heavy liquidations across major exchanges.
This cleared leveraged positions and opened the door for a fresh upward move. Over $133,000 worth of long and short positions were closed in the latest session, according to Coinglass.
Despite the drop, technical charts show hope, and analyst Ali Martinez believes Sui crypto could be eyeing $7.
SUI Price Technical Setup Signals Higher Targets
The breakout above $3.57 was among the most encouraging signs for Sui investors. Technical indicators show that $5.25 is the next major area to watch. Further extensions even show a possible push towards $6.90 and $7.00.
According to Martinez in a recent post, the SUI price could climb to $4.90 soon. It could then pull back slightly before advancing toward the $6.90–$7.00 range over the next few weeks.
There is some short-term resistance at $4.00. There, supply has capped gains several times this year. A clean break above this barrier could trigger a rally for Sui Crypto toward $4.46–$4.50.
This level is interesting because it concentrates leveraged positions in the area. This could fuel a short squeeze if demand spikes.
DeFi Growth Strengthens the SUI Network
SUI price movements have attracted attention. However, the Sui network has gained strength on several fronts. For example, the total value locked (TVL) in Sui-based DeFi protocols has reached $2.21 billion according to DefiLlama.
This figure is shy of the $2.29 billion all-time high set in late July. This represents a massive increase from around $500 million a year ago. The most interesting growth rate came after April.
At that time, TVL beat $1.5 billion and continued to trend higher despite minor pullbacks. This growth shows developers and users interact more often with the SUI network. This can be a good support for prices over the short term.
Institutional and Expansion Drive Demand
Institutional participation in the Sui Crypto is on the rise as well. For example, on August 12, Grayscale announced two new products built on the Sui blockchain.
These offerings are expected to increase professional investors’ exposure to the network. They also show that the asset manager is confident in its future over the long term.
The Sui network is also expanding through adoption by projects. For example, Alkimi, a decentralised advertising platform, recently confirmed that it was moving its services to the Sui Network.
These developments are expected to do much to diversify the network’s applications and even attract more users/investors.
Balancing The Risks
While the SUI price outlook is optimistic, there are still some risks. In particular, the $4.00 level has acted as a strong resistance zone. Also, failure to break above it could result in a pullback toward $3.30 or even $3.00.
If the market enters another general sell-off, it could also limit SUI’s ability to hold itself upwards. In all, traders may want to monitor technical levels and ecosystem updates.
If DeFi TVL continues to rise and exchange access improves, Sui Crypto could be on its way towards a rally. However, volatility is likely to remain high in the short term.
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