SUI maintains a confirmed macro uptrend with a structured five-wave expansion pattern, as per analysis by Bitcoinsensus. The asset has developed three major bullish waves: Wave 1 with a 505% expansion, Wave 2 at 1050%, and Wave 3 projected for 550%. Current trading near $2.91 aligns with Wave 3, showing consistent higher highs and lows despite a brief liquidation wick to $0.50 last week.
Market participation remains robust, with futures open interest at $768.86 million and volume at $2.04 billion, though volume declined 6.96%. Long-to-short ratios on Binance and OKX exceed 1.9, indicating strong trader positioning. Analysts highlight a "Buy the Dip" setup near the $2.00–$2.20 demand zone, targeting a move to $3.98 with resistance at $2.90–$3.20.
Concurrently, Canary Funds advanced its spot SUI ETF filing with an amended S-1/A to the U.S. SEC, confirming a ticker on the Cboe exchange. This procedural update has reignited institutional and retail interest, despite SUI's volatility—it dropped to $0.55 on October 10 before rebounding and now consolidates near $2.65 below its 20-day moving average.
SUI's ecosystem shows growth, with DeFiLlama reporting total value locked (TVL) at $2.03 billion, up 4.32% daily, stablecoin capitalization at $49.26 million, and DEX volume at $589.88 million. SUIG's expansion plans include launching native stablecoins suiUSDe and USDI, with 90% of revenue reinvested into the Sui network to support development and liquidity.
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