The SUI token price has once again approached the $4 resistance zone, showing signs of strength and resilience after bouncing back from August lows. This recent uptrend is not only driven by technical recovery but also by a wave of ecosystem growth, exchange listings, and increased institutional interest.
Looking at the SUI price chart, we can see that the token has been on a steady upward trajectory, forming higher lows since June when it was trading around $2.40. Currently, the SUI price is hovering near $3.93, with a brief spike to $4.18. This 9% surge was largely fueled by the announcement of a new major exchange listing.
Technically, momentum is strong, and if bulls manage to break through the $4 resistance level with significant volume, the next targets could be around $4.46 to $4.50. Coinglass data shows that there are nearly 175 billion leveraged positions in this range, which could act as a magnet for SUI/USD in the short term. If demand continues to rise, a short squeeze could potentially push the token to revisit its January 2025 highs.
On the downside, the $4 supply has proven to be a strong resistance level in the past, and a failure to hold above it could result in a pullback to $3.30 or even $3.00 if global sell-off sentiment prevails.
In addition to the price action, the SUI Network’s DeFi ecosystem has seen significant growth in August. The Total Value Locked (TVL) reached an all-time high of $2.29 billion in late July before a slight retracement, and is now inching closer to that level at $2.21 billion. This surge in TVL reflects renewed demand and interest in the SUI Network.
Furthermore, institutional interest in SUI is on the rise, with Grayscale recently unveiling two new products built exclusively on the SUI blockchain. This move signals growing trust from established financial players in the SUI Network.
The SUI ecosystem is also expanding, with the first fully on-chain advertising platform, Alkimi, announcing its move to the SUI Network. This development opens up new opportunities for decentralized ad technology on the SUI platform.
In a significant development, the Japanese exchange Bitbank has listed SUI with a SUI/JPY trading pair, increasing the token’s accessibility to one of Asia’s most active trading markets. This move is expected to further boost trading volume and liquidity for SUI.
Overall, the SUI token’s recent price strength, ecosystem growth, exchange listings, and institutional interest all point towards a positive outlook for the token’s future performance. Investors and traders will be closely watching how the token performs in the coming days and weeks as it continues to navigate key resistance levels and capitalize on new opportunities in the market.