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SUI price drags despite booming TVL, can it catch up?
Momentum around the SUI token is cooling even as the broader ecosystem continues to thrive
Summary
According to DeFiLlama, Sui’s Total Value Locked (TVL) surged to $2.28 billion this week, its highest level on record. This marks an approximate 40% climb since the year started, and a strong triple-digit recovery from its lowest point of $1.02 billion earlier in March
The SUI (SUI) token was similarly in an uptrend, briefly reclaiming $4.44 after months of being stuck below $3. But that rally has cooled. Now trading at $3.79, SUI is down about 4.5% in the past 24 hours, putting it in the red for the week
Despite the pullback, broader factors paint a bullish outlook for the native token.
Institutional bet and ETF whispers grow
Earlier this week, lending company Mill City Ventures III unveiled a $450 million private placement to fund its venture into digital assets. Of this, 98% is earmarked for the acquisition of Sui, making the first major institutional bid on the token.
The company said the decision for a full-fledged treasury is driven by the belief that Sui is well positioned for mass adoption, and the bet on the token is already fueling investor interest
Additionally, expectations of a dedicated ETF launch are growing, particularly as the SEC formally pushes the applications into review. Two issuers, Canary Capital and 21Shares, have proposed to launch ETFs tracking the token, adding to the bullish sentiment around the token.
On the technical side, SUI is holding strong.
SUI technical analysis
Looking at the daily chart, SUI is still trading above its key moving averages, a sign that bulls haven’t lost control of the broader trend. The current price around $3.79 is sitting just above the 20-day EMA of $3.77, suggesting the token is testing short-term support but hasn’t broken structure yet.
Overall, SUI’s upward trend is still intact, but the token will have to reclaim the $4.40 mark to open the door to more highs. On the flip side, a drop below $3.70 could send it sliding toward $3.49.