- Sui struggles to hold onto gains as prices across the crypto market falter after Wednesday's rally.
- Sui's recovery can be attributed to significant improvements in the network's DeFi ecosystem.
- DEXs' volume on Sui soared 38.51% in the last week to $2.77 billion, with $806 million recorded in the last 24 hours.
Sui's price climbs to $2.97 at the time of writing on Thursday, defying a broader bearish sentiment in the cryptocurrency market. The layer-1 token looks to extend gains above the intraday high of $3.12, supported by growing interest in the network's decentralized finance (DeFi) ecosystem.
Sui's DEXs volume hits $2.77 billion, as DeFi TVL soars
Sui is emerging as a strong contender among layer-1 blockchains in the crypto industry. According to DefiLlama, the Total Value Locked (TVL), which represents the total sum of all coins held in smart contracts across all protocols on the chain, increased by 9.64% to $1.595 billion.
The protocol's stablecoin market capitalization increased 7.81% in the last seven days, reaching $865.2 million. USDC is the most dominant stablecoin, with a market share of 71.64%.
Trading volume on Sui's decentralized exchanges (DEXs) surged 38.51% in the last week to approximately $2.77 billion, portraying Sui as one of the strongest performers in the space. The DEXs' volume in the last 24 hours was $806.16 million, as highlighted in the chart below.
Sui DeFi data | Source: DefiLlama
Sui price seeks to reclaim support at $3
Sui's price hovers at $2.98, following a recent breakout above the descending trendline. The Relative Strength (RSI) near the overbought territory at 69.26 reinforces a growing bullish momentum.
A daily close above $3.00 would affirm the heavy presence of bulls in the market, potentially cultivating gains as they eye the next key resistance at $3.58, last tested in February.
SUI/USDT daily chart
The RSI indicator's position near the overbought area could signal a potential reversal in upcoming sessions. Therefore, it would be prudent for traders to monitor the direction of the indicator, with downward movement interpreted as bearish for the price of Sui.
Near-term support is expected to lie around $2.75, a confluence formed by the 100-day Exponential Moving Average (EMA) and the 200-day EMA. Beyond this level, the next area of importance could be the 50-day EMA at $2.46.
Cryptocurrency metrics FAQs
The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.
Market capitalization is the result of multiplying the circulating supply of a certain asset by the asset’s current market value.
Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.
Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
GENIUS Act advances in the US Senate, the first US federal framework for regulating stablecoins
The US Senate took a major step toward regulating stablecoins on Monday night by voting 66-32 to advance the GENIUS Act. The vote overcomes a Democratic-led filibuster and clears a key procedural hurdle.
SEC Commissioner Hester Peirce says most crypto assets are not securities
Crypto Task Force leader Hester Peirce highlighted in a speech on Monday how the Securities & Exchange Commission (SEC) defines various crypto assets under securities laws.
Solana set for a consensus switch with the introduction of Alpenglow
Solana (SOL) showed signs of recovery in the American trading session on Monday following the introduction of a new consensus protocol, Alpenglow, which would replace the network's current Proof-of-History and TowerBFT mechanisms.
Ethereum Price Forecast: ETH products see increased inflows, but rising shorts slow momentum
Ethereum (ETH) trades around $2,500 on Monday following mixed signals across its on-chain metrics. While strong buying pressure is visible across ETH products and whale balances, hedge funds and traders are boosting their short positions.
Bitcoin: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand
Bitcoin (BTC) price stabilizes at around $103,000 when writing on Friday, after facing multiple rejections at the key $105,000 resistance level throughout the week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.