Sui (SUI) Eyes Recovery: Technical Rebound, TVL Surge, and ETF Delay Shape Market Outlook
Sui (SUI) has experienced both challenges and recovery signals over recent weeks. The token saw losses of over 14% due to uncertainties around the potential launch of a spot SUI ETF, with the US SEC delaying its decision on the Canary Capital proposal, heightening regulatory concerns. Market sentiment was further dampened by a $223 million hack of Cetus Protocol, a core Sui DeFi project, raising questions about decentralization after validators froze hacker wallets. Despite these setbacks, SUI’s fundamentals have shown strength: DeFiLlama reports total value locked (TVL) on Sui rose 4.8% in the last week to $3.05 billion—up over 50% since April—driven by growing activity in bitcoin-pegged assets and stablecoin liquidity. Technical analysis reveals SUI has broken out of a multi-week falling wedge and formed a golden cross, traditionally a bullish signal that previously led to a 380% rally. SUI’s funding rate has remained positive for nine consecutive days, suggesting growing investor optimism. Immediate resistance is seen at $4.31, with further upside potential to the $5.92 Fibonacci extension if bullish momentum continues. However, short-term gains may be limited unless the RSI surpasses 50 and buying pressure strengthens. Overall, Sui displays mounting bullish momentum, but traders should watch for additional confirmation to ensure the sustainability of a potential rally.
Bullish
Despite recent negative events including the SEC’s delay on the SUI ETF and a major hack affecting the Cetus Protocol, Sui (SUI) has shown strong recovery signals. Key bullish indicators include a notable rise in total value locked (TVL), a persistent positive funding rate, and classic technical patterns such as a breakout from a falling wedge and a golden cross—both of which historically suggest upside momentum. While short-term gains may face resistance without stronger buying, the combination of growing DeFi activity, improved on-chain metrics, and technical recovery patterns supports a bullish outlook for SUI, especially if the token can break through key resistance levels.