SUI is currently trading at $3.89 and has gained 2.63% in a day

The token is down by 1.37% in the last week, symbolizing a short-term correction in the midst of a larger bullish scenario.

Sui (SUI) is currently trading at $3.89, showing a day-to-day increase of 2.63% and a high 24-hour volume is at $1.68 billion, having risen by 54.37%. In the last week, the token has decreased by 1.37%, indicating a short-term correction in the midst of a larger bullish scenario.

Technical Analysis: Key Zones and Momentum

According to CurrencyWeirdo, SUI saw a "strong reaction off the $3.67 zone," a historically significant level marked by a previous Break of Structure.

From there, price action swept liquidity above $4.29 before retracing to a demand zone between $3.55 and $3.60. As long as this zone holds, the bullish momentum remains intact. A successful bounce could set the stage for a potential reclaim of $4.29, and possibly a rally toward extended targets at $4.80 and $5.35+, the token’s all-time high.

"Strong reaction off the $3.67 zone - was a BOHS & a fib level.

Collapsed into the H&S completing & sweeping through bid

Collapsed again off the $4.29 zone and fib reacting to sell

Now back in the IMP zone and reacted to a fib

As long as this IMP holds we can expect more bullish momentum.

"

Strong reaction off the $3.67 zone - was a BOHS & a fib level.

Collapsed into the H&S completing & sweeping through bid

Collapsed again off the $4.29 zone and fib reacting to sell

Now back in the IMP zone and reacted to a fib

As long as this IMP holds we can expect more bullish momentum. pic.twitter.com/j4Z886l4xQ

— CurrencyWeirdo (@currency_nerd) August 21, 2024

Sui and 21Shares Expand Strategic Partnership

On May, Sui, a blockchain platform, and Switzerland-based ETP provider 21Shares formally declared the extension of their strategic partnership. The initiative is aimed at driving global adoption of Sui’s scalable blockchain infrastructure, with an emphasis on product innovation, research, and market outreach.

The joint venture is designed to be facilitated by 21Shares’ platform expertise in exchange-traded products (ETPs) and Sui’s fast, scalable blockchain platform. Particularly, 21Shares recently submitted its request for a the coin-based exchange-traded fund (ETF) with the U.S. SEC, representing a notable foray into the U.S. crypto market. The move is consistent with increased institutional interest and enhanced regulatory clarity in the U.S., rendering it an attractive prospect.

Institutional Partnerships Drive Network Growth

Sui’s DeFi network keeps gaining popularity. Based on DeFiLlama, Total Value Locked (TVL) on the platform has reached $2.05 billion, an increase of approximately 70% over the last month, putting it in the top 10 blockchains by TVL. This growth further demonstrates growing developer and investor confidence in the coin’s infrastructure.

Looking forward, projections indicate that SUI may top $5.35, its last all-time high, and potentially reach $8.57 by 2025. In its next stage of growth, as the network is expanded and institutional partnerships are strengthened, the coin is set to be a major player in the future of blockchains.