SUI is one of the best performers among the top 30 cryptocurrencies by market cap, holding steady above $0.97 after an 8% surge in the last 24 hours.
The coin has performed excellently thanks to renewed interest from large wallet investors, commonly referred to as whales, and on-chain demand.
Technical indicators also suggest that SUI could rally past its 50-day Exponential Moving Average (EMA) level over the next few hours.
Sui rallies amid on-chain growth
SUI is trading at $0.9777 after adding 8% to its value since Monday.
This latest development comes as the demand for Sui as a layer-1 blockchain is resurfacing.
According to DeFiLlama, the Total Value Locked (TVL) on Sui is at $643.18 million, up nearly 13% in the last 24 hours.
The TVL increase indicates growing on-chain capital inflow either via user deposits or a surge in the value of deposited digital assets.
However, on-chain data shows a cautionary bullish bias.
Currently, SUI’s stablecoin market capitalization and Decentralized Exchanges (DEX) volume are down 5% and 15%, respectively, over the last seven days.
Retail interest in the coin has increased in the past few days.
According to CoinGlass, the SUI Open Interest (OI) is at $475.47 million, up more than 8% in the last 24 hours, suggesting positional buildup in the futures market.
Furthermore, the long-to-short ratio is close to 1, suggesting roughly an equal number of long and short active positions in SUI futures.
Finally, SUI’s funding rate now reads 0%, indicating an indecisive phase among traders after a short-term bullish bias earlier in the day.
Furthermore, CryptoQuant data suggests an increase in the average order value across spot and futures markets.
This increase points to renewed whale interest and could push the price higher in the near term.
Will the bulls extend gains above $1?
The SUI/USD 4-hour chart is bearish and efficient as Sui recovers following three consecutive days of losses.
It is still trading within a consolidation range between $0.8836 and $1.0551.
SUI is also trading below the 50, 100, and 200-day EMAs,
If the rally continues, SUI could reclaim the $1.0551 resistance level, allowing it to target the 50-day EMA at $1.0816.
Successfully closing its daily candle above the resistance level would confirm the bullish breakout from the consolidation trap.
This could open the way for an extended rally towards the Transactional Liquidity (TLQ) at $1.3375, which is close to the 100-day EMA at $1.3614.
The Moving Average Convergence Divergence (MACD) rises modestly above its signal line, hinting at a strong upside momentum.
The Relative Strength Index (RSI) at 64 shows a consistent increase in buying pressure.
However, if the buying pressure fades, the bulls would be forced to defend the $0.8836 support level.
A failure to defend this level would expose SUI to the next major support at $0.7052.
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