SUI has bounced off its long-term support for the third time this year, fueling investor speculation of another rally. With stablecoin transfers on its network crossing $1 trillion and Switzerland’s Sygnum Bank offering institutional services, analysts are now eyeing a potential move toward $7.
SUI Retests Long-Term Support Level
Since early August, SUI has seen renewed attention from both retail and institutional investors. The token has repeatedly rebounded from a long-term ascending trendline, which has historically led to price rallies.
As of the latest market data, SUI trades at $3.90. This is the third time in 2024 that it has held above this support. On prior occasions, rebounds from the same level produced gains of over 1,000% and 122%.
Analyst Predicts Potential Breakout Toward $7
Crypto market analyst Lau has forecast a possible price move toward $7. The projection is based on the weekly chart, where the token continues to respect a rising trendline.
The analyst noted that past retests of this line triggered strong upward moves. According to her, a sustained break above $4.55 could confirm the next upward leg. Greater lows and historical trends indicate the continuing participation of buyers in the market.
Institutional Support and DeFi Growth Strengthen Outlook
Sygnum Bank operates under the regulatory framework in Switzerland, and it has added SUI to its services. The bank has added services in terms of custodial, staking, and trading for the customers. This integration allows the inclusion of institutional investors in the quest to obtain exposure to the asset.
In the meantime, the DeFi on the Sui Network has grown. The amount of stablecoins that are transferred through the network has exceeded the figure of 1 trillion dollars. The growth means increased liquidity and user activity throughout the ecosystem.
On-Chain Metrics Show Mixed Market Conditions
Data from CoinGlass shows SUI spot exchange inflows at 174.45 million tokens. Outflows stand at 170.32 million tokens, showing a small net inflow. Higher inflows to exchanges can indicate short-term selling pressure.
The 90-day Spot Taker CVD shows the taker’s sell volume dominating. This confirms that sellers are still active. However, Binance data shows a long-to-short ratio of 2.39. More than 70 percent of traders are long, which would provide short-term price strength.
Stablecoin Growth and Market Trends
The use of stablecoins in the network is evidenced by the $1 trillion worth of transfers conducted via stablecoins. This is viewed by the analysts as a sign of market infrastructure and the availability of liquidity.
A mix of DeFi activity, technical strength, and institutional support gives SUI a good place to rest, which bullish traders are hopeful that it will take off. Nevertheless, the longevity of disposal pressure indicates that the instant-level price action might be volatile initially.
