SUI Holds $3.40 Support as Golden Crossover Sparks Hopes for Bullish Wave 3 Move

SUI holds $3.40 support as golden crossover hints at bullish Wave 3 and trend reversal.

$162M governance recovery plan gains over 90% validator backing, boosting network confidence.

SUI open interest hits $1.77B with rising funding rates, showing strong long-side trader sentiment.

After a recent pullback, SUI shows signs of recovery, with analysts eyeing a macro target near $10. Despite challenges from the Cetus DEX exploit and upcoming token unlocks, the network’s fundamentals and community support remain strong.

SUI Holds Key Support Amid Recovery Efforts

According to analysis prepared by CryptoBullet via X, SUI swept the bottom of Wave 4, indicating the correction phase may be over and Wave 3 could begin. The token has maintained critical support near $3.40, a level reinforced by the recent golden crossover of its 50-day and 200-day EMAs. This technical formation often signals a potential bullish trend.

Source: CryptoBullet(X)

The Sui community recently approved a governance vote with over 90% validator support to move $162 million in frozen assets to a multisig wallet. This move aims to restore funds to users affected by the $223 million Cetus DEX exploit. The decision has bolstered confidence in the network’s crisis response and governance.

Technical indicators show mixed momentum, with the RSI near neutral and the MACD approaching its center line. However, derivatives data reveals optimism as SUI futures open interest rose to $1.77 billion and funding rates increased, suggesting traders favor long positions.

Market Outlook and Growth Potential

Despite the recent setback, the Sui network shows signs of resilience. Total Value Locked (TVL) rebounded to $1.68 billion, while daily decentralized exchange volume recovered to $271.9 million. Institutional interest in Sui also grows, supported by partnerships and upgrades like Mysticeti v2 and ongoing BTCFi expansion.

Source: Coinvo(X)

Coinvo noted a strong chance of a reversal within the golden Fibonacci zone, signaling possible renewed upward momentum. Analysts forecast a macro target near $10, assuming the token clears resistance levels and sustains momentum post-recovery.

At press time, SUI was trading around $3.50, with ongoing monitoring of the $3.40 support zone crucial for future price direction. The network’s ability to manage token unlocks and maintain governance confidence will influence the coming weeks.

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