Sui ($SUI) Reclaims $4 Amid Market-Wide Surge
As of May 9, Sui ($SUI) has reclaimed the critical $4 psychological level, riding a wave of renewed market momentum and heightened trading activity over the past 24 hours.
Emerging as one of the day’s top performers, $SUI posted a strong 10% gain, while trading volume surged 76%, climbing to $3.3 billion—a clear sign of growing investor interest and bullish sentiment.
This rally has strengthened Sui’s position as the 11th-largest cryptocurrency, with its market capitalization now surpassing $14 billion.
Sui’s On-Chain Activity Surges with Over $2B in TVL
Sui’s DeFi ecosystem has seen impressive growth in the past month, with Total Value Locked (TVL) climbing to $2.03 billion, marking a 12% increase in just the past week.
This surge has propelled Sui to become the eighth-largest blockchain by on-chain activity, now representing 1.82% of total DEX transaction volume.
Rising stablecoin transactions and a significant spike in decentralized exchange (DEX) volumes are driving Sui’s expansion. The network now hosts over $900 million in stablecoins and more than $654 million in DEX volume within the past 24 hours.
Key protocols contributing to this growth include Suilend, Sudo Finance, Cetus, Haedal, and Walrus, each witnessing over 90% growth in the past 30 days.
Built as an object-centric Layer-1 blockchain utilizing the Move programming language, Sui facilitates seamless integration for other blockchain protocols, delivering Web3 functionality with the ease of Web2.
In a recent development, Sui partnered with Axelar Network to enhance liquidity access and ensure smooth cross-chain interoperability with major blockchains.
This integration also leverages Sui’s zkLogin technology, which aims to streamline onboarding by providing a more user-friendly and secure authentication process. This builds on Sui’s earlier collaborations with Circle (the issuer of USDC) and Mastercard, further strengthening its ecosystem and accessibility.
Gaming on Sui: Parasol and XOCIETY Redefined Digital Ownership
Sui has also made significant strides into the digital collectibles and Web3 gaming space.
On May 7, Adeniyi Abiodun, co-founder of Mysten Labs, announced Parasol on Sui—a new initiative aimed at bringing rare cards and in-game items fully on-chain. This initiative will enable users to store these assets directly in their wallets, giving them full control over their digital collectibles.
Just one day earlier, XOCIETY, a flagship gaming project on the Sui network, revealed a collaboration with sportswear giant Adidas to launch ALTS by Adidas—a Web3 gaming studio focused on digital identity and creative expression, bridging the gap between blockchain and immersive content.
At the recently concluded Sui Basecamp conference, the network introduced Game Dollar, a gaming-focused stablecoin designed to enhance player incentives across blockchain-based games.
In another exciting development, the SuiPlay0X1, a groundbreaking handheld gaming console compatible with both PC and AAA Sui-native titles, is set for release by September 2025.
These innovations have played a key role in $SUI’s price recovery, which has surged by over 96% since reaching a low of $2.09 on March 11.
What’s Next For $SUI? Key Support and Resistance Levels to Watch
$SUI Technical Outlook: Bullish Reversal Signs
$SUI has completed a corrective ABC structure, with point (A) marking the local bottom and point (C) forming a higher low—an indication of a potential trend reversal, in line with Elliott Wave Theory.
Additionally, a bullish divergence on the RSI indicator between May 5 and 6, where the RSI printed higher lows while the price made lower lows, suggests that bearish momentum is weakening.
This was quickly followed by a strong breakout above the $3.49 resistance, fueled by heavy buying pressure and increasing volume. After reaching a peak of $4.04, the asset entered a short consolidation phase (wave D), which appears to be a healthy pullback rather than signaling a trend reversal.
The RSI currently stands at 64.83, indicating continued bullish sentiment without entering overbought territory, suggesting further upside potential.
If buyers sustain their momentum, $SUI could extend its rally toward the $4.50 resistance zone (wave E).
On a potential retracement, key support levels to watch include $3.72 and $3.49. Both levels provide potential entry points for traders looking to follow the ongoing trend.
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