Sui (SUI) surged 14% to $4.26 within 24 hours, breaking out of a multi-week consolidation phase after surpassing the $4.20 resistance level. Trading volume exploded by 146% to $2.25 billion, signaling robust institutional and retail participation. The rally gained momentum as the SEC acknowledged 21Shares' filing for a SUI exchange-traded fund (ETF), fueling speculation about regulated institutional investment despite uncertain approval timelines.
Technical analysts identified two bullish patterns: a symmetrical triangle breakout at $4.30 (noted by Ali Martinez) targeting $8, and a cup-and-handle formation projecting potential $10 upside. The Relative Strength Index (RSI) sits at 61.3, indicating room for growth before overbought conditions. Key support now holds at $4.15, while resistance clusters near $4.34. Liquidation zones between $4.4-$4.6 could trigger a short squeeze toward the $5 psychological barrier.
Fundamental catalysts include Sui's DeFi ecosystem growth, where Total Value Locked (TVL) hit $2.33 billion driven by protocols like Suilend and NAVI. Cross-chain integrations, including NEAR Protocol's Intents upgrade, expanded utility. Bitcoin's $3,000 rebound to $117,000 provided broader market support, lifting crypto liquidity by $70 billion. Derivatives data shows bullish dominance with a 51% Long/Short Ratio and open interest up 12% to $2.73 billion.