Sui (SUI) price rallied to $3.33, a 43% surge from June lows and its highest level since June 12, buoyed by a bullish crypto market where Bitcoin hit nearly $113,000. The rally accelerated following a Grayscale report highlighting Sui's technological superiority, team expertise (including former Facebook engineers), and strategic focus as key differentiators.
Grayscale emphasized Sui's potential to become crypto's next "killer application" base layer, coinciding with robust ecosystem growth. Sui's DeFi ecosystem now hosts over 70 applications with a total value locked (TVL) exceeding $2.6 billion, while stablecoin volume hit $887 million. Adjusted transaction volume rose 5.6% to $151 billion, and DEX volume rebounded post-May hack, processing $8.52 billion over 30 days and $281 million in 24 hours. Leading protocols include Cetus ($116M daily volume), Bluefin, Momentum, DeepBook, and Turbos.
Technically, SUI broke above the 50% Fibonacci retracement at $2.9174 and key moving averages, with RSI nearing overbought territory. Analysts project a 27% upside to $4.277 (May's peak). Concurrently, 24-hour trading volume soared 128.51% as price reached $3.22, supported by a 4-hour chart rounded base breakout above $2.80. MACD momentum and volume footprint confirm bullish pressure, targeting $3.50 near-term and $5 longer-term.
Network metrics show 31.23 million active wallets and a $11.13B market cap. Token unlocks include 44M SUI ($122.3M) released July 1, with 49.5M SUI ($161.5M) scheduled for August 3. Institutional adoption accelerated with Bluefin's HFT launch, facilitating $43B+ volume since 2023.