SUI Price Soars Past $2 Billion in TVL as Its Derivatives Market Shows Aggressive Positioning

SUI [SUI] has achieved a significant on-chain milestone as its Total Value Locked (TVL) soared to a record $2.2 billion

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Sui [SUI] hit a new milestone as its Total Value Locked (TVL) reached a record $2.2 billion on the 22nd of May, according to the latest data from DeFiLlama.

This marks a staggering 222% increase over the past year, highlighting the rapid expansion of decentralized finance (DeFi) activity on the Sui network.

The surge in TVL signals growing investor confidence and sustained demand for SUI-based protocols. At the time of writing, SUI traded at $4.08, a 6.20% increase over the last 24 hours.

SUI derivatives market activity shows aggressive positioning

SUI’s derivatives landscape showcases increasing trader interest, with Open Interest (OI) on major exchanges like Binance, Bybit, and FTX aggregating to $1.76 billion—a 31.30% rise from the previous day.

This signals a fresh wave of capital entering the market.

Furthermore, the Volume-Weighted Funding Rate flipped positive to 0.011%, indicating a shift in momentum as long traders gain dominance. This positive funding indicates that bulls are now willing to pay a premium to hold positions.

Therefore, the uptick in OI and funding implies a strong speculative appetite that could amplify volatility during the next major price move.

Source: CoinGass

Price levels to watch: Can bulls confirm the cup-and-handle breakout?

At the time of writing, SUI was approaching a critical resistance near $4.18, aligning with the neckline of a developing cup-and-handle pattern.

The recent push toward this level suggests growing bullish intent, but confirmation requires a decisive breakout supported by volume. Failure to close above this mark may lead to short-term rejection, with the handle still in formation.

However, if bulls manage to flip this resistance into support, the structure could trigger a continuation rally.

Source: TradingView

Short liquidations spike as bears get squeezed

A wave of short liquidations has added fuel to SUI’s rally. In the last session alone, over $1.64 million in short positions were liquidated across major exchanges, with Bybit and Binance recording the largest losses.

This liquidation cascade suggests that bears misjudged the breakout momentum, leading to forced exits. Meanwhile, long liquidations remained minimal at $84.72K, indicating that the upside pressure remains intact.

Therefore, the imbalance between long and short liquidations reflects the market’s bullish tilt as sellers continue to exit underwater trades.

Source: CoinGlass

MACD and RSI confirm underlying strength

Momentum indicators validate the bullish bias. At press time, the MACD was on the verge of a bullish crossover, suggesting a shift toward upward price momentum.

At the same time, the RSI stood at 67.42—signaling strong buyer interest while still leaving room for further upside before entering overbought territory.

These technical signals, combined with the surging TVL, support a sustained bullish narrative.

Therefore, both momentum and trend indicators are aligning with price action to reinforce the strength of the current rally.

Source: TradingView

Can SUI sustain this momentum into price discovery?

With a record $2.2 billion in TVL, rising OI, and strong momentum indicators, S.,