Sui Surges 2.157% as Institutional Interest and ETF Applications Boost Confidence

Sui's latest price was $3.94, up 2.157% in the last 24 hours. This increase reflects the growing interest and confidence in the cryptocurrency, which has been making significant strides in the market. The launch of Grayscale’s SUI Trust and 21Shares’ submission of an application for an exchange-traded fund (ETF) have attracted the attention of institutional investors, who are increasingly interested in the native asset of this Solana rival. This shift in investment choices indicates a growing interest in SUI, which could support a bullish outlook for the token in the mid to long-term.

Sui's ecosystem is also expanding with the development of popular decentralized finance (DeFi) applications that rely on the Sui network. These applications are crucial for attracting additional capital and strengthening Sui's position in the market. However, it may take some time for Sui to challenge Solana's dominance as the second-largest decentralized smart contracts platform, despite its stronger technical capabilities.

In addition to institutional interest, Sui's social volume and development activity are also on the rise. The social volume indicates a continuation of the ongoing short-term trend and rising awareness regarding SUI crypto. The development activity reflects the level of activity in the form of ongoing projects and developments in the crypto, with the number of pure developments on its GitHub repository increasing over time. These metrics highlight the long-term reliability of the Sui project.

Sui's total value locked (TVL) has also surged to new highs of over $2.1 billion, driven by strong stablecoin inflows and heightened market momentum. This growth is further fueled by Sui's recent partnership with tech giant Microsoft, which has contributed to increasing user participation and market confidence. The TVL data on DefiLlama shows that Sui's TVL has increased by over 104% since its yearly lows of $1.031 billion recorded in March, signaling a strong and growing ecosystem.

Despite the market being in a cooldown period, SUI continues to show strong fundamentals and is trying to sustain above important Fibonacci levels. This resilience is evident in its ability to maintain its Inverse Head & Shoulders breakout after surpassing the neckline around $3.65 to $3.75. The current price hovering around $3.89 reinforces a bullish outlook, with experts predicting that SUI could break its $5.37 high and reach a target beyond $11. The recent market capitalization of $13 billion reflects its increasing significance in the market, and all the price points on both short and long-term charts still respect the key structural points.

Sui's bullish momentum is further supported by its technical analysis, with experts highlighting that SUI is getting ready for its next major move. The weekly chart shows that the SUI price has been moving within an ascending wedge pattern, with consecutive impulsive waves to the upside. This pattern suggests that SUI is poised for a significant upward movement, with a target projection of up to $11.50. The social volume and development activity also indicate rising awareness and reliability, further supporting the bullish narrative for SUI.