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SUI SUI prices continue to hold on to key support areas
Despite the recent weakening of interest in the derivatives market, SUI remains above the key US$0.70 support level. On-chain data shows that Internet use is still strong, and analysts believe that a break through the US$0.757 level may open up space for a new round of gains. The increase in the number of active addresses and stable web data suggest that investor interest in the SUI ecosystem continues.
As of the time of the report, SUI was trading at approximately US$0.7324. In the past 24 hours, the altcoin has fallen by about 0.89%, but it still managed to hold the long-watched support level of US$0.70. Judging from the daily chart, SUI has successfully held this support area many times after several months of downward trend. This is seen as one of the important technical signs that selling pressure is beginning to weaken. However, trading volumes remained low, indicating that investors are waiting for a new catalyst to drive a clear direction.
There are also positive signals on the technical side. The MACD bar chart has returned to positive territory, and the MACD line has also crossed close to upward, indicating that selling pressure is weakening. But analysts pointed out that for a rising scenario to gain momentum, SUI needs to break through the $0.757 resistance level with strong trading volume. If it continues to close above this level, it may support medium-term rising expectations.
Community is optimistic, futures markets are cautious
The SUI community remains optimistic. Sui Community posted on the X platform saying that SUI is one of the projects that may stand out in the future rising cycle and has strong rebound potential. Its assessment mentioned: "The SUI network continues to expand rapidly and continues to expand the ecosystem. Therefore, it has strong recovery potential for some time to come." However, experts stressed that if positive expectations from the community are to be reflected in prices, technical resistance must first be exceeded.
Online data remains strong
Despite price fluctuations, online data shows a more positive picture. According to DefiLlama data, the total lock-in value (TVL) of the SUI network has stabilized at approximately US$430 million, while the average daily number of active addresses increased significantly in July. This shows that users have not withdrawn funds from the ecosystem, but continue to actively use the network. Analysts pointed out that growth in Internet usage is one of the important indicators that may support price performance in the long term.
On the other hand, CoinGlass data shows that the derivatives market is showing a different picture. Open interest in the SUI futures market fell to US$600 million from approximately US$700 million. The decline suggests that investors are reducing their leveraged positions and operating more cautiously. Experts pointed out that the decrease in open interest contracts is one of the main reasons why SUI prices have not yet gained strong upward momentum.
Investors will pay close attention to the following key levels in the coming days:
Support: US$0.70
First resistance: US$0.757
Total lock-in value (TVL): approximately US$430 million
Open interest: US$600 million
If it can break through US$0.757 strongly, it may open up space for new buying orders. On the contrary, if the US$0.70 support level is lost, selling pressure may intensify again.
Assessment
SUI prices will maintain a sideways trend in the short term, while online data shows that the Internet is still growing healthily. The increase in the number of active addresses and the stability of TVL suggest that interest in the ecosystem remains. However, the decline in open interest in the derivatives market reflects investors 'continued caution. If the resistance level of US$0.757 is exceeded in the future, SUI's rising expectations are expected to increase. On the contrary, if the support level of US$0.70 falls below, the selling pressure may increase again, becoming the most noteworthy risk.
