Sui rose over 19% on May 8, climbing from $3.33 to $3.92 in 24 hours, following a brief decline the day prior.
The move came with a sharp rise in trading volume, signaling increased market activity. On May 7, SUI (SUI) had dropped slightly by 0.41%, but bounced back with momentum as technical indicators shifted, according to crypto.news data.
This jump comes as Bitcoin surpassed $100,000 for the first time since February, rebounding sharply from its April crash. Bitcoin has surged 33% in recent weeks alongside a broader market recovery following Trump’s surprise tariff announcements.
A “golden crossover” between short- and long-term moving averages was observed, often seen as a sign of upward pressure.
Over the past month, Sui’s DeFi ecosystem grew rapidly, with $2.45 billion in TVL, rising stablecoin activity, and increased DEX volumes, positioning Sui as the ninth-largest blockchain.
What’s next for SUI?
SUI now faces resistance at $4.36, though the asset has broken through this level on some exchanges. The Relative Strength Index remained neutral, giving room for continued movement in either direction.
Short-term price models suggest SUI could reach $4.36 soon, which would mark a 10% increase from today’s levels. Other models suggest a break above $5.20.
SUI is attempting to break out of its historical reaccumulation range, a key technical zone traders have watched closely.
According to Rekt Capital, recent fundamental catalysts, including DeFi growth and broader market momentum, are starting to reflect in its price action. Additionally, institutional interest is growing, with new SUI ETF filings emerging, including one by 21Shares.
SUI is the native token of the Sui blockchain, a layer-1 protocol developed by former Meta engineers. It has seen growing adoption through DeFi and gaming integrations since its launch in 2023.
SUI is currently trading around $3.93.
