Sui (SUI) is drawing renewed market attention after staging one of its strongest breakouts in months, rising sharply at a time when most large-cap altcoins remain range-bound.

The latest 31% surge was triggered by a series of developments that converged within days, most notably Coinbase’s approval to offer SUI trading to New York residents, a move that places the token inside one of the most heavily regulated crypto markets in the U.S.

The rally also arrived immediately after one of the largest token unlocks of the month, an event that would normally dampen prices but instead saw buyers step in with force.

New York Listing Boosts Liquidity and Institutional Demand

SUI surged between 25% and 32% over the past 24 hours after Coinbase confirmed that New York residents can now buy and trade the token across its web and mobile platforms.

The approval extends SUI’s reach into one of the most tightly regulated U.S. markets, strengthening its profile as a compliant layer-1 network and increasing accessibility for institutional investors.

The listing comes at a notable time. On December 1, SUI unlocked approximately $82–86 million worth of tokens, increasing circulating supply by more than 0.5%. Large unlocks typically pressure prices, but SUI moved higher instead, signaling strong demand absorption.

Trading volume has more than doubled, hitting roughly $1.5 billion, levels analysts say indicate genuine accumulation rather than short-lived speculation.

The launch of USDsui, a fiat-backed stablecoin designed for payments and DeFi use across the Sui ecosystem, also contributed to renewed interest. Combined with Coinbase’s expansion, these developments have strengthened confidence in Sui’s broader market positioning.

SUI Technical Indicators Point to Momentum Shift

Price action shows that SUI recently rebounded from November’s lows near $1.12, climbing above the $1.60 support zone.

Indicators such as RSI and MACD now suggest easing selling pressure and a potential shift in short-term momentum. Analysts note that breaking above the mid-Bollinger Band near $1.90 would confirm a broader trend reversal.

SUI has also moved above the Keltner mid-band for the first time in weeks, with volume delta readings showing strong spot-market buying.

The next major resistance sits between $1.80 and $1.95, followed by a wider zone extending to $2.30. A decisive close above $1.92 is viewed as critical for invalidating November’s downtrend.

Market watchers say the current rally hinges on sustained demand. If daily volume remains above $1.5 billion and price holds the $1.60–$1.67 support zone, institutional participation could continue to push the token higher toward the $1.90 level.

However, weakening volume or a drop below $1.48 may signal that SUI has formed a local top. For now, sentiment remains constructive as the token benefits from increased U.S. accessibility, improving technical signals, and expanding ecosystem activity.

Cover image from ChatGPT, SUIUSD chart from Tradingview

SUI is currently navigating high-risk territory, positioned in what analysts identify as Wave 4 of a larger, incomplete bearish sequence. While this move is reaching its exhaustion point, the market is poised for a final, decisive action: either a confirmed reversal that breaks the current corrective structure, or a drop into the anticipated Wave 5 to complete the full downside pattern.

Key Bounce at 1.41: SUI Tests Critical Extension Support

According to a recent update by More Crypto Online, SUI is currently bouncing from the 100% extension at $1.41, a zone that has consistently served as an important area of support. This reaction marks the first meaningful attempt by buyers to halt the recent downside pressure.

From here, price is now approaching a major resistance region between $1.68 and $2.21, which is the expected zone for a potential wave 4 bounce. The analyst notes that wave 4 retracements often vary significantly in depth. Therefore, SUI may need room to fluctuate within this entire range before establishing a clearer direction.

A decisive break above the $2.21 level would be a significant technical signal. Such a move would suggest that SUI has completed all 5 impulsive waves to the upside, increasing the probability that a more substantial market bottom may already be in place. 

For now, More Crypto Online emphasizes that the downside structure still appears incomplete, meaning the broader corrective move could resume if SUI fails to push above resistance. The recent bounce, while constructive, has not yet reversed the macro structure.

This outlook also aligns with the behavior of Bitcoin, which currently hints at the possibility of another low forming after a 3-wave corrective rebound. Such a scenario supports the idea that SUI could still have one more downward leg to finalize a full corrective pattern before a stronger recovery can begin.

Wave 4 Takes Shape As SUI Approaches Critical Resistance Zone

The analyst further explained that the current movement on the SUI chart is being viewed as a potential wave 4 within a larger C-wave decline. Since a complete C-wave requires a full five-wave structure, the chart is missing one more low before a more reliable bottom can form. This interpretation remains consistent unless price action proves otherwise.

He added that if SUI produces a distinct rejection or reversal within the key resistance zone, it would strongly suggest that wave 4 has reached its peak. Should that confirmation appear, the outlook will be updated to reflect the expectation of a final wave down to complete the structure.