Sui (SUI) is climbing in line with the broader crypto market, trading above $2.00 at the time of writing on Wednesday. The token’s 3.5% uptick followed a pullback that trimmed its previous gains from $2.20 to $1.98 on the prior day.
Despite this rebound, interest in Sui’s DeFi ecosystem continues to wane. DefiLlama data show that total value locked (TVL)—the aggregate worth of all assets staked on the protocol—has dropped by 15% over the past 24 hours, falling to roughly $1.35 billion. After reaching an all-time high of $2.63 billion on October 9, Sui’s TVL has been on a steady decline, reflecting growing risk aversion across the crypto space.
As traders withdraw assets from staking platforms, confidence in both the token and the wider ecosystem appears to be eroding. The influx of unstaked tokens back into the market is increasing selling pressure, which may put further downward pressure on Sui’s price.
Source: DefiLlama’s Sui DeFi TVL data
Retail engagement with Sui has remained unusually low since mid-October, suggesting investors doubt the Layer-1 token can hold onto any short-term gains. Meanwhile, futures open interest has fallen to about $781 million on Wednesday, down from $835 million on Tuesday and $1.84 billion on October 1. For Sui to sustain a recovery, open interest will need to climb steadily—otherwise, the token risks slipping back below the $2.00 level.
Source: CoinGlass
Sui’s OI-weighted funding rate has fallen deeper into negative territory, reaching around –0.007% at the time of writing. This suggests traders are ramping up short positions, intensifying the token’s selling pressure.
Source: CoinGlass
Technical Outlook: Sui Holds Critical Support
As of Wednesday, Sui remains above the $2.00 mark, lifted by positive momentum in the broader crypto market. The RSI has climbed to 37 from 35 in recent days, indicating that downward pressure is easing. Since Sunday, the MACD has issued a bullish crossover signal, encouraging traders to add long positions in anticipation of further gains. On the upside, the next resistance levels to watch are $2.20 (tested on Tuesday), the 50-day EMA near $2.62, and the 200-day EMA around $3.06.
SUI/USDT Daily Chart
Despite the recent bounce, Sui remains trading beneath its key moving averages—the 50-, 100-, and 200-day EMAs—underscoring persistent bearish pressure. A marked shift in market dynamics will be necessary to sustain the short-term uptrend and validate a bullish outlook for SUI.
