Sui Price Forecast: Technical breakout aims for $4.00, supported by TVL growth :

Sui extends its breakout above the descending channel and reclaims the 100-day EMA at $3.07 as support.
Sui’s DeFi Total Value Locked nears the $2 billion mark, indicating rising investor confidence.
Sui Open Interest and volume continue to increase, adding to the bullish outlook.
Sui (SUI) surges over 5% and trades at around $3.21 on Thursday, buoyed by steady investor interest in the broader cryptocurrency market and a robust Decentralized Finance (DeFi) ecosystem.

Sui’s DeFi TVL approaching $2 billion
Interest in the high-performance Layer-1 blockchain protocol, designed to provide a scalable platform for decentralized applications (dApps), has been steadily increasing. According to DefiLlama data, the Total Value Locked (TVL), which represents the value of all tokens held in smart contracts across all protocols on the network, stands at $1.95 billion.

The increase in TVL from $1.54 billion on May 23 indicates growing investor confidence in SUI. At the same, it has a positive impact on the price of Sui, as tokens held in smart contracts tend to reduce the potential selling pressure on exchanges.

The derivatives market has also steadied in the last few weeks, as evidenced by a 14% increase in the Open Interest (OI) to $1.45 billion over the past 24 hours. A subsequent rise in trading volume by 74% to $5.43 billion underpins the surge in risk-on sentiment as traders bet more on future price increases.

CoinGlass data highlights a positive long-to-short ratio of 1.0288, indicating a stronger bullish bias. Liquidations swelled to $4 billion in the past 24 hours, impacting short position traders more significantly, with $3.88 million wiped out, compared to approximately $217 million in long positions.

Technical outlook: Sui gains bullish momentum

Sui is largely in bullish hands, having accelerated the breakout from the descending channel, marking the third consecutive day of gains. The token currently sits above key moving averages, including the 200-day Exponential Moving Average (EMA) at $3.00, the 50-day EMA any $3.02 and the 100-day EMA at $3.07. All of which could provide support if the uptrend snaps, resulting in a sharp pullback.

Still, traders should temper their bearish expectations, particularly because the Moving Average Convergence Divergence (MACD) indicator continues to uphold a buy signal triggered on June 28. This bullish outlook tends to catalyze risk-on sentiment, encouraging investors to seek exposure.

Key levels to monitor as Sui edges higher include the supply level at $3.50, last tested as resistance on June 11 and the round-figure seller congestion zone at around $4.00.
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