$SUI is a new L1 launched in 2023, built with the Move language. It was developed by a team that includes people from the same group as $APT, all of whom come from the team behind Facebook’s Diem project. It mainly focuses on a high-performance chain with high throughput and low latency. In terms of ecosystem, it has been constantly competing with $SOL for market share. Over the past couple of years, when institutions discuss new-chain narratives, they always seem to bring it up too.
In the past week, SUI has been ranging between 0.70 and 0.77, with trading volume stuck around 15–20M and no clear direction. Yesterday (7/14), the volume suddenly jumped to 33.6M—close to double the average for this past Sunday. The price started at 0.722, briefly topped out at 0.768, and closed at 0.762, up about 5.5% for the day. At the time, judging from the volume-price pairing, I thought independent funds were entering to build a position—not that kind of impulsive chasing.
Today the broader market is green overall: BTC +3.3%, ETH +5.2%, and BNB is also rising. But SUI is up only 2.9%, lagging ETH by nearly 3 points. If there really was independent buying on 7/14, then today the broader market provides an opportunity, and SUI should have run harder—at least it shouldn’t lag.
The funding rate has been stuck at the 0.01% baseline for three consecutive periods. No one is taking a clear directional bet on the contract market. Traders playing contracts don’t seem to have any definitive stance on SUI.
With these two signals lined up together, I basically overturn my judgment about that volume spike yesterday. It seems more like momentum chasing: once the price moves up, it attracts a group of breakout-chasers. These people don’t intend to hold long-term, and when the broader market turns green today, they’re actually cutting and distributing. True strategic accumulation isn’t like this. When the broader market rises, they would keep holding or even add more, and the volume should be sustained—not done in a single burst and then disappear.
The 0.75 area has been tested back and forth several times this week. From 7/09 to 7/13, it never managed to hold. Yesterday it briefly broke above 0.768, but today it pulled back to 0.752. Without new buyers stepping in, yesterday’s volume spike was just a one-off pulse.
For the short term, I don’t see SUI as bullish above 0.75.
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