Following the weekend sell-off, the crypto market witnessed a slight uptick during Monday’s U.S. trading session. The Bitcoin price stalled a prolonged downfall below $95,000 and bolstered most major altcoins to resume bullish recovery. The price action of SUI coin demonstrates this behavior as it bounced from the key support level of the reversal pattern. Is the $4 rally close?
Volume Locked Surge Signals Growing Investor Confidence
SUI, the native cryptocurrency of the Sui blockchain, picked up recovery momentum in mid-April as it showed sustainability above the $2 psychological level. The bullish upswing pushed the asset to a $3.87 high in late April before turning sideways as the tariff-driven uncertainty continued to keep the broader market on edge.
However, SUI’s total volume locked (TVL) held its ground, indicating investors are more inclined to lock their funds in the network, possibly in anticipation of future rewards or value appreciation. In the three weeks, the metric has bounced from $1.14 billion to $1.72 billion, registering a 55% growth.
This growth suggests that more capital is being allocated to the SUI network, potentially due to growing trust in its long-term viability and scalability. If the trend resumes, the SUI price will face reduced sell-off and increased demand pressure for the higher rally.
SUI Price Exits Market Correction With This Breakout
On April 25th, the SUI price gave a bullish breakout from the resistance trendline of a falling wedge pattern. Since January 2025, the coin price has resonated within the pattern of two converging trendlines, acting as dynamic resistance and support.
However, the breakout was followed by immediate sideways action below $3.74 resistance. The daily chart shows multiple high-wick candles at the aforementioned resistance, indicating overhead supply.
If the selling pressure persists, the coin price could reenter the wedge and invalidate the bullish thesis.
However, if the coin price held its position above $3.2 support, the post-breakout could drive a 56% surge and hit $5.3.
A potential bullish crossover between the 50-day and 200-day exponential moving averages reinforces the bullish market sentiment and supports sustained uptrends.
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