SUI cryptocurrency has stabilized near $3.50, with a golden crossover forming at the crucial $3.40 support level. This technical signal suggests a potential bullish trend reversal as investors anticipate Wave 3 momentum. The surge in SUI futures open interest, exceeding $1.77 billion and rising funding rates, indicates strong long-side trader sentiment.
Recent community governance votes have bolstered confidence. A significant $162 million recovery plan backed by over 90% of validators will ensure funds are restored to those affected by the Cetus DEX exploit. This decision showcases the network’s commitment to crisis response and robust governance.
Analysts anticipate a macro target near $10, assuming sustained positive momentum following this recent pullback. Despite challenges from the Cetus DEX exploit and upcoming token unlocks, SUI demonstrates resilience through its strong TVL recovery (rebounding to $1.68 billion) and rising decentralized exchange volume ($271.9 million daily). This is fueled by institutional interest in Sui, thanks to partnerships like Mysticeti v2 and ongoing expansion with BTCFi.
The network’s ability to manage token unlocks and maintain governance confidence will be crucial for future price movement, signaling a potential bullish wave.