SUI on May 29, 2025: Bullish Outlook Despite Recent Challenges

SUI rises 1% to $3.65, bolstered by Nasdaq ETF filing and network recovery.

On May 29, 2025, SUI has risen approximately 1% to $3.65, showing signs of a mildly bullish trend in the cryptocurrency market. This price increase comes despite recent security challenges, with positive developments like the Nasdaq ETF filing and network recovery efforts bolstering investor confidence. From a technical perspective, SUI is consolidating between $3.60 and $3.90, forming an ascending channel pattern on the weekly chart, typically a sign of growth potential. The Relative Strength Index (RSI) is around 55, indicating mild bullish momentum without entering overbought territory. The key support level at $3.35 has been tested multiple times, reflecting strong buyer interest. The primary resistance lies between $3.90 and $4.20, and breaking this could push SUI toward $5. Derivatives data suggests limited seller activity in this range, potentially easing the upward move. A major driver of SUI’s growth is the recent Nasdaq ETF filing, which has attracted institutional interest. Submitted in late May 2025, this proposal could drive new inflows into SUI. Reports indicate that SUI-based investment products saw over $2.9 million in inflows last week, ranking close to major projects like Bitcoin and Ethereum. This reflects growing confidence in SUI’s long-term potential. However, the SUI network recently faced a $223 million hack in Cetus, its largest decentralized exchange (DEX). The incident briefly dented investor trust, causing an 8% price drop. Swift action by the Sui Foundation, including freezing $162 million of stolen funds and providing a loan to compensate affected users, aided a rapid recovery. Network activity is rebounding, with daily active addresses surpassing 800,000. Macroeconomic factors also play a role. SUI’s correlation with Bitcoin has dropped from 0.5 to 0.2 in recent months, indicating relative independence that could benefit it during altcoin seasons. Some analysts predict that with ETF approval, SUI’s price could reach $8 or higher by the end of 2025. Risks, such as selling pressure at resistance levels and regulatory uncertainties, persist. Traders should monitor the $3.35 support and $3.90 to $4.20 resistance. Staggered buying near support could be prudent, but risk management is crucial due to market volatility. Overall, SUI on May 29, 2025, is in a promising position, with a mildly bullish outlook but requiring caution in trading.