What to know:
- In a world where numbers dance like puppets, SUI has waltzed up by 3.85% in the last 24 hours, now trading at a modest $3.1110. It even flirted with a peak of $3.1554, as per the ever-watchful CoinDesk Research’s technical analysis model. 💃
- Michaël van de Poppe, our crypto oracle, has pointed out the rising tide of stablecoin supply, wallet adoption that’s growing faster than a weed, and SuiLend’s astonishing 90% TVL growth in just a month. Who knew finance could be so thrilling? 🎢
- But hold your horses! A breakout above $3.30 could ignite a new rally, with the current price action resembling a bullish structure and strong support above $3.09. It’s like watching a soap opera unfold! 📈
On this fine Monday, SUI is trading at $3.1110, having risen 3.85% over the past 24 hours. This follows a multi-hour uptrend that pushed the token through key resistance levels, like a determined athlete breaking the tape at the finish line. The asset even hit a session high of $3.1554 before settling just above $3.11, with strong volume cheering on the breakout attempt. 🏁
Michaël van de Poppe, in a post on X earlier today, declared SUI “super interesting as an ecosystem.” He pointed to several major on-chain milestones, as if he were unveiling a new art exhibit. The stablecoin supply on the Sui network has ballooned from $400 million in January to nearly $1.2 billion. Meanwhile, total value locked (TVL) has reached $1.8 billion — ranking third among non-EVM chains. Wallet adoption is accelerating, thanks to the integration of Phantom and the launch of Slush, the rebranded SUI wallet. Talk about a makeover! 💄
SuiLend, the protocol’s lending platform, has seen its TVL surge 90% over the past month to more than $600 million. Van de Poppe noted that this growth, coupled with previous bullish chart behavior, may set the stage for a strong breakout if SUI can close above $3.30. He described that level as a key liquidity zone that could spark a move to new highs. It’s like waiting for the kettle to boil! 🔥
The analysis period also revealed strong buyer engagement, particularly around $3.12. Price briefly consolidated after the peak but continued to form higher intraday lows — suggesting continued momentum despite a modest cooldown from session highs. It’s like a rollercoaster that refuses to stop! 🎢
Technical Analysis Highlights
- During the analysis period, SUI traded between $2.9742 and $3.1554, marking a 6.09% intraday move. A thrilling ride, indeed!
- Price formed a consistent uptrend, breaking above $3.08 resistance with support establishing at $2.96–$2.97. A classic tale of resilience!
- Volume exceeded 12 million units between 01:00 and 07:00 GMT, confirming broad accumulation interest. The crowd is gathering!
- At 13:56 GMT, SUI surged through the $3.12 level on a volume spike over 1 million units, initiating a breakout. The moment of truth!
- Between 13:56 and 14:03 GMT, price action remained strong and formed a new support band around $3.12. Stability in chaos!
- Toward the end of the analysis window, SUI advanced from $3.09 to $3.13 in a 1.29% move, closing with bullish continuation patterns intact. The saga continues!
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2025-06-16 20:19