What to know:
- SUI price is defending the $0.70 support zone, with buyers attempting to prevent further downside after months of decline.
- Rising active addresses and stable TVL near $430 million highlight continued Sui Network usage despite weaker market conditions.
- A breakout above $0.757 resistance could strengthen the bullish outlook, while losing $0.70 may increase selling pressure.
SUI price has successfully established a strong support base, with the continuing growth in on-chain activity balancing the decline in derivatives market participation.
As of press time, SUI was trading at $0.7324, down 0.89% over the past 24 hours. Even though the altcoin is currently facing resistance close to the $0.757 level, the rise in active addresses indicates that users remain engaged with the network, even though the overall market sentiment remains cautious.
Also Read: SUI Price Builds Momentum as Rising Volume Supports Bullish Outlook
Why Is SUI Price Holding Above an Important Support Level?
Using the daily TradingView chart, one can see that SUI is holding above the support level near the $0.70 mark after multiple months of downward movements. There have been multiple attempts to defend this level, preventing the market from falling even deeper. At the same time, trading volume is rather low as the market seems to be waiting for a stronger catalyst.
The MACD is also beginning to improve, with the histogram turning positive and the MACD line moving closer to a bullish crossover. While this suggests selling pressure is easing, buyers still need a decisive move above $0.757 supported by stronger volume to confirm a trend reversal.
Also Read: SUI Price Could Reach $0.83 if Buyers Defend Key Support
What Does the Sui Community’s X Post Mean for SUI Price?
A recent X post from the Sui Community described SUI as “one of the stars in the upcoming rising market” and said it is “expecting a strong comeback afterwards.” While the post reflects growing community optimism, it contrasts with declining open interest, suggesting retail sentiment is improving even as leveraged traders remain cautious.
If SUI breaks above the $0.757 resistance, the bullish outlook shared by the community could gain further support from the technical picture.
Why Are Growing Active Addresses Important for SUI Price?
On-chain metrics present a better picture than price alone. According to DefiLlama data, SUI’s total value locked has been stable at about $430 million, while the number of daily active addresses has increased significantly in July.
This is important because increasing user activity often reflects continued ecosystem adoption, even when prices are under pressure. Stable TVL alongside rising active addresses suggests users continue interacting with the network rather than withdrawing capital.
Also Read: SUI Price Eyes $1.20 Breakout as Sui AI Network Achieves 6.08M TPS
What Is Holding SUI Price Back?
According to CoinGlass data, open interest has decreased from approximately $700 million to around $600 million, indicating that traders are reducing leveraged positions.
A reduction in open interest usually signals lower speculative activity, which could explain why SUI has been unable to break the $0.757 resistance despite an increase in on-chain activity.
For now, SUI remains in a consolidation phase. A sustained movement above $0.757 would lend credence to the bullish case, while a drop below $0.70 may trigger fresh selling pressure
Also Read: SUI Price Prediction: Bullish Accumulation Points to an Explosive Move to $20
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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