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.

Sui Price Analysis: Is $4.20 Within Reach?

As seen in the daily chart, SUI has been rebounding from its recent dip and is now challenging key levels. The price is currently trading above the 9-day simple moving average of $3.26. The volume has surged over 10% in 24 hours to $1.04 billion, signaling growing buying interest. If the price can sustain a close above $3.50, it could break above immediate resistance and target the $3.80 level. 

Consequently, a successful breach from here could open the gates for a move toward $4.20. However, traders should be cautious of downside risks near the $3.20 to $3.00 support zone, where buyers have marked positions in the past.

Also read our Sui Price Prediction 2025, 2026-2030 for potential long term targets!

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