The SUI price has once again approached the $4 resistance zone, after rebounding from August lows. Its recent strength is fueled not only by technical recovery but also by a wave of ecosystem growth, exchange listings, and institutional interest.
SUI Price Chart Signals Strong Resistance Test
Looking at the SUI price chart, the token has made a consistent recovery by building a structure of higher lows from the $2.40 range in June.
At present, the SUI price today is trading near $3.93 after briefly spiking to $4.18. This intraday jump represented a 9% surge, which was largely fueled by the latest breaking news of a new major exchange listing.
Technically, momentum has built strongly, and if bulls successfully break through the $4 ceiling with convincing volume, then the next upside targets appear near $4.46 to $4.50. In this range, nearly 175 billion leveraged positions are present, according to Coinglass data.
In the short term, this cluster could act as a magnet for SUI/USD, and if bulls’ demand increases, then a short squeeze could even open the door for the token to revisit January 2025’s highs.
On the downside, the fact remains that $4 supply has acted very strongly, which has capped SUI’s momentum observed in the past quarter also. If global sell-off sentiment reawakens, then in that case, failure to hold above $4 may result in a pullback toward $3.30 or even $3.00.
DeFi and Institutional Growth Strengthen Fundamentals
Apart from price action, August has been particularly notable for the SUI Network’s DeFi ecosystem. Per the data from the defiLlama platform, the Total value locked (TVL) has surged magnificently and reached an all-time high of $2.29 billion in late July before a slight retracement.
Now, in August, the TVL is inching closer again at $2.21 billion, which is firmly reflecting renewed demand.
Similarly, the Institutional momentum is also building, which is signalling growing trust from established financial players.
For instance, on August 12th, Grayscale unveiled two new products on its official X post, where it mentioned that these products are built exclusively on the SUI blockchain.
Expanding Ecosystem and Exchange Listings
Likewise, Alkimi, the first fully on-chain advertising platform, also posted today on X and announced that it is moving to the SUI Network. This showed that SUI is opening fresh use cases for decentralized ad technology.
Meanwhile, the biggest breaking news of today happened to be the Japanese exchange Bitbank listing news of SUI with a SUI/JPY trading pair. This move is seen as a big one because it is extending the token’s accessibility to one of Asia’s most active trading markets.
