Author
Jimmy Aki
Author
Jimmy Aki
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Sui ($SUI) has reclaimed the key $4 psychological level as of May 9, following a strong surge in overall crypto market volume and positive momentum over the past 24 hours.
As one of the day’s top-performing assets, $SUI recorded an impressive 10% gain, accompanied by a 76% spike in trading volume, reaching $3.3 billion.
This rally has solidified its standing as the 11th-largest cryptocurrency, with a market capitalization now exceeding $14 billion.
Sui’s On-Chain Activity Surges with Over $2B in TVL
Sui’s DeFi ecosystem has also witnessed rapid growth over the past month. Total Value Locked (TVL) rose to $2.03 billion, reflecting a 12% increase in the past week.
This growth places Sui as the eighth-largest blockchain by on-chain activity, now accounting for 1.82% of total DEX transaction metrics.
Rising stablecoin transactions and a sharp rise in decentralized exchange (DEX) volumes are fueling this expansion. The Sui network now hosts over $900 million in stablecoins and more than $654 million in DEX volume within the last 24 hours.
Key contributors to this performance include protocols such as Suilend, Sudo Finance, Cetus, Haedal, and Walrus, each experiencing over 90% growth in the past 30 days.
Built as an object-centric Layer-1 blockchain leveraging the Move programming language, Sui offers streamlined integration for other blockchain protocols to deliver Web3 functionality with Web2-level ease.
Recently, Sui partnered with Axelar Network to enhance liquidity access and provide seamless cross-chain interoperability across major blockchains.
This integration also incorporates Sui’s zkLogin technology, which is designed to simplify onboarding through a more user-friendly and secure authentication process. This builds on earlier partnerships with Circle (USDC issuer) and Mastercard.
Gaming on Sui: Parasol and XOCIETY Redefined Digital Ownership
Sui has also made major inroads into digital collectibles and Web3 gaming.
For example, on May 7, Mysten Labs co-founder Adeniyi Abiodun announced Parasol on Sui, a new initiative focused on bringing rare cards and items fully on-chain, directly into users’ wallets under their complete control.
One day prior, flagship Sui gaming project XOCIETY revealed a collaboration with sportswear giant Adidas to launch ALTS by Adidas, a Web3 gaming studio dedicated to digital identity and creative expression at the intersection of blockchain and immersive content.
At the recently concluded Sui Basecamp conference, the network also introduced Game Dollar, a gaming-focused stablecoin designed to streamline player incentives across blockchain games.
The SuiPlay0X1, a pioneering handheld gaming console compatible with both PC and AAA Sui-native titles, is slated for release by September 2025.
All these developments have greatly contributed to $SUI’s price recovery, which has surged over 96% since hitting a low of $2.09 on March 11.
What’s Next For $SUI? Key Support and Resistance Levels to Watch
$SUI has completed a corrective ABC structure, with point (A) marking the local bottom and point (C) forming a higher low, often a hint of trend reversal according to Elliott Wave Theory.
A bullish divergence on the RSI indicator between May 5 and 6, where the RSI printed higher lows while the price made lower lows, indicated weakening bearish momentum.
This was soon followed by a strong breakout above the $3.49 resistance, supported by heavy buying pressure and rising volume. After peaking at $4.04, the asset entered a short consolidation phase (wave D), which appears to be a healthy pullback rather than a sign of reversal.
The RSI currently stands at 64.83, indicating continued bullish sentiment without being overbought.
If buyers maintain momentum, $SUI could extend its rally toward the $4.50 resistance zone (wave E).
Key support levels on a potential retracement include $3.72 and $3.49, both of which offer possible entry points for traders following the trend.
