The Sui price is expected to continue its upward trend after breaking through the long-term resistance.

As of Tuesday, Sui (SUI) is trading above $1.95, approaching the highest level in the past two months. The upward momentum remains solid after a streak of six consecutive bullish sessions, reflecting widespread optimistic sentiment in the market. Meanwhile, positive signals from on-chain data and derivatives markets continue to support the bullish trend, while technical analysis indicates room for further gains, with a short-term target around the resistance zone of $2.34.

On-chain and derivatives data show increasing market participation

According to data from Santiment, the trading volume of the Sui ecosystem — including the total value of transactions generated by all on-chain applications — surged to $967.43 million on Tuesday, the highest since early December. Notably, this indicator has maintained a continuous upward trend in recent days, indicating renewed interest from traders, and liquidity on the Sui network has also improved significantly. This development helps reinforce the short-term bullish outlook for SUI.

Sui Trading Volume Chart | Source: Santiment Meanwhile, data from DefiLlama shows that the Total Value Locked (TVL) on Sui has steadily increased since late December, reaching $1.04 billion on Tuesday. The rising TVL reflects strong capital inflows into the ecosystem, indicating that more users are choosing to deposit and utilize assets on DeFi protocols built on the Sui platform.

SUI TVL Chart | Source: DefiLlama In the derivatives market, data from CoinGlass reports that the open interest (OI) in SUI futures contracts has surged to $947.26 million, up from $685 million last week — the highest since October 10. The increase in OI suggests new capital is flowing into the market, indicating growing buying pressure that could continue to drive SUI prices higher in the near future.

Source: Coinglass

Sui Price Forecast: Bulls Target Above $2.34

Sui price officially broke out of the descending wedge pattern — formed by connecting the peaks and troughs since October — on December 26, recording a gain of over 35% as of Monday. As of Tuesday, SUI remains firmly above $1.94, showing clear buying dominance.

Daily SUI/USDT Chart | Source: TradingView In a scenario where the uptrend continues, SUI is likely to extend its recovery and target the key resistance zone on the weekly timeframe at $2.34.

Technical indicators also support a positive outlook. The RSI on the daily chart reached 73, indicating overbought conditions and strong bullish momentum. Additionally, the MACD has confirmed a bullish crossover, with green histogram bars expanding above the neutral line, further reinforcing short-term bullish signals.

However, in a correction scenario, SUI may face profit-taking pressure and pull back to test the 50-day EMA around $1.66, which acts as the nearest support level.

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