Crypto Express

06/11 11:38

Sui Price Eyes $4.20: Key Levels to Watch for Prof

Sui price climbs 7.32% weekly, riding on ETF optimism and robust on-chain growth

Open interest and derivatives volume rise, reflecting increased trader confidence

Key resistance at $3.80 in sight, potential to test $4.20 if momentum sustains

Sui price has been riding a bullish wave this week, a major catalyst for this upswing is the U.S. SEC’s acknowledgment of the NASDAQ filing to list the 21Shares SUI ETF. If approved, this ETF could unlock $300 million in capital inflow, drastically reshaping SUI’s market dynamics. 

Simultaneously, ecosystem developments continue to boost investor confidence. DeFi protocol Cetus has relaunched on Sui after addressing vulnerabilities linked to a prior $220 million exploit, reinforcing the network’s commitment to security and liquidity. Amidst the bullish momentum, all eyes are now on whether SUI can capitalize on this trend and break past its next major resistance.

Strong On-Chain Metrics Define Narrative?

On-chain data supports the ongoing price rally, showcasing heightened trader activity and institutional attention. According to CoinGlass, derivatives trading volume for SUI has surged 6.44% to hit $5.16 billion. Successively, the open interest has surged 3.53% to $1.52 billion, suggesting an influx of fresh capital and investor conviction. On the other hand, the total DEX volume has now surpassed the massive $100 billion mark, signaling a vibrant trading ecosystem.

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