On Monday, July 14, the cryptocurrency market exhibited signs of weakening bullish momentum following a week of significant inflows. Major cryptocurrencies like Bitcoin and Ethereum faced rising selling pressure, evidenced by long-wick rejection candles on their daily charts. At the same time, while many altcoins appeared vulnerable to notable corrections, the price of SUI maintained crucial support, buoyed by a notable increase in Total Value Locked (TVL) across DeFi protocols. This has sparked curiosity: will the uptrend for SUI continue?
DeFi Capital Inflows Signal Growing Confidence in the SUI Ecosystem
The SUI token has experienced a remarkable rise recently, climbing from $2.8 to a recent peak of $4 – a substantial growth of 41.6%. Speculation surrounding ‘Crypto Week’ has played a pivotal role in this recovery, as the U.S. House of Representatives is set to debate a series of significant crypto-related bills.
Accompanying this price rally, the Total Value Locked on the SUI network surged from $1.8 billion to a new high of $2.2 billion, marking a 22.2% increase. This uptick suggests a healthy influx of capital into SUI’s DeFi ecosystem, reflective of enhanced user participation and growing trust in the network’s protocols.
The alignment between the growth of SUI’s price and its TVL indicates that this recovery is driven by genuine on-chain utility rather than mere speculation. If this trend persists, SUI could see increased demand pressure, fostering a prolonged and sustainable price rally.
SUI Signals Major Breakout from Triangle Pattern
A closer examination of SUI’s daily chart reveals that the recent price recovery has led to a decisive breakout from a symmetrical triangle pattern. Since early January 2025, SUI had been moving within the two converging lines of this channel pattern, which often serves as a consolidation phase for buyers to regain momentum.
The recent breakout suggests an end to a significant accumulation phase and opens the door for renewed upward movement. However, broader market conditions may indicate a potential post-rally pullback, hinting that SUI might test the triangle’s downsloping trendline as a new bullish support level.
Should this support hold, SUI’s price could resume its bullish trajectory, potentially achieving a further 15% increase and targeting the initial level of $4.3. Conversely, if SUI retraces and breaks below $3.6, it would invalidate the bullish outlook, signaling a necessary reassessment of its position in the current market.
