Altcoins News
By Sakamoto Nashi
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Sui (SUI) has managed to hold its ground above a critical price level, signaling a possible turnaround after last week’s major setback.
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SUI’s price action late last week sent shockwaves across the market. After a sharp 8% drop on Friday, the altcoin found support at the $3.
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Crucially, the 50-day Exponential Moving Average (EMA) is hovering just above $3.50, strengthening this support zone.
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While bulls seem to be regaining control, SUI still faces resistance near the $4.07 level—a previous support that has now turned into a near-term ceiling.
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The Relative Strength Index (RSI) has flattened at the 50 mark, indicating neither bullish nor bearish dominance.
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Should bearish momentum increase, a break below the $3.50 support could lead to a further decline toward the 200-day EMA, currently sitting at $3.01.
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Beyond the charts, the Sui network’s underlying fundamentals are showing signs of recovery. According to DeFiLlama, the network’s Total Value Locked (TVL) fell sharply to $1.
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The recovery isn’t limited to TVL. Sui’s stablecoin market capitalization remains above $1 billion, reflecting continued liquidity and user trust in the ecosystem.
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These improving metrics provide a strong foundation for potential price stabilization and may help reassure traders who were rattled by the Cetus exploit.
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In contrast to the cautious tone in the spot market, Sui’s derivatives sector appears to be regaining bullish momentum.
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Adding to the optimism, the OI-weighted funding rate has increased to 0.0124%. A positive funding rate indicates that long positions are dominant, and traders are willing to pay…
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The increase in long liquidations seen in the past 48 hours also signals that overly aggressive bearish positions are being flushed out, which often sets the stage for short-term…
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Looking ahead, much depends on whether the $3.50 level can continue to hold. If it does, and if momentum indicators begin to swing back in favor of the bulls, a move toward the $4.
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However, traders should remain cautious. Any signs of renewed selling pressure or a second wave of negative news surrounding the Cetus fallout could send SUI back toward the $3.
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Despite the shock of the Cetus DEX hack, SUI has shown surprising strength, holding steady at a key technical level and gradually regaining support from both spot and derivatives…
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