Why Did Sui (SUI) Price Rise Today… Up 8% on Ecosystem Growth and Spot Buying

▲ Sui (SUI) ©

Sui (SUI) surged over 8% in a single day, rising to $1.25. While no specific individual bullish news was identified, analysis suggests that over 40 million network transactions per day and $1 billion in spot buying led to the rise.

According to cryptocurrency market aggregator CoinMarketCap on September 27 (local time), Sui rose 8.15% in 24 hours to $1.25, significantly outperforming Bitcoin (BTC), which remained flat. No specific news directly triggering this surge was identified, and it was analyzed that the growth of the Sui ecosystem and increased network activity supported token demand.

The Sui network has recently been processing over 40 million transactions per day, and the cumulative trading volume of its native decentralized exchange (DEX) DeepBook has exceeded $20 billion. The expansion of actual network usage and user adoption, rather than mere speculative expectations, was cited as the reason for the surge. In the future, the sustained high transaction count and Total Value Locked (TVL) in Decentralized Finance (DeFi) are presented as indicators to determine whether demand will continue.

Notably, this rise was driven by the spot market rather than derivatives. 24-hour spot trading volume reached $1 billion, while perpetual futures Open Interest remained at $99 million. This suggests that actual spot buying funds are driving the price up, rather than speculative increases reliant on leverage.

Technically, a strong upward trend continues. SUI is significantly above its 7-day Simple Moving Average (SMA) of $1.04, but its 14-day Relative Strength Index (RSI) has risen to 73.74, entering the overbought zone. The key short-term support range is $1.17-$1.18, and if this holds, there is a possibility of testing the 127.2% Fibonacci Extension level of $1.35.

Conversely, if $1.18 breaks, profit-taking pressure from the recent surge could increase, risking a correction down to the 50% Fibonacci Retracement level of $0.94. The market is watching whether spot trading volume remains at current levels and whether SUI can maintain the $1.18 support level on a closing basis to continue its upward trend.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*