Sui price remains in a bear market, crashing nearly 60% from its January peak. Sui ( SUI ), a fast-growing layer-1 blockchain, was trading at $2.66 on Friday, giving it a market capitalization of over $7.35 billion. However, the coin may be poised for a bullish reversal, supported by both strong technicals and fundamentals. According to DeFi Llama , Sui’s decentralized exchange (DEX) ecosystem performed strongly this week, with protocols processing over $1.95 billion in volume, a 70% increase from the previous week. This surge pushed Sui to the seventh-largest DEX network by weekly volume, marking its best ranking in 2025. Cetus led the way, with weekly volume climbing by 70% to nearly $1.2 billion. Other notable performers included Bluefin, which saw a 62% jump to $483 million, followed by DeepBook, Haedal, and Turbos. You might also like: Bitcoin price could rise as U.S. bond yields, fear and greed index fall Additional data shows that Sui’s total value locked has held steady in recent weeks, standing at $1.26 billion, ranking it as the ninth-largest blockchain by TVL. Bridged assets on the network are valued at $1.77 billion, while the total stablecoin market cap sits at $721 million. Sui price technical analysis SUI price chart | Source: crypto.news The daily chart reveals that the SUI token has been in a sharp downtrend since reaching its all-time high of $5.3647 in January. It bottomed at $1.9690 in March. Like many altcoins, Sui has formed a falling wedge pattern, a classic bullish reversal setup defined by two descending and converging trendlines. A breakout from this wedge occurred around March 21. Following the breakout, SUI rebounded but found resistance at $2.8285, a level that aligns with the 50-day moving average. It is now slowly forming a double-bottom pattern around $1.9690, another bullish technical indicator. If the double bottom holds, the Sui price is likely to drop back to the support level at $1.9690, before potentially resuming its uptrend. A breakout above the neckline at $2.8285 would confirm the pattern, setting up a potential rally toward the 38.2% Fibonacci retracement level at $3.51, about 57% higher than the current price. You might also like: SUI price defends key support despite recent token unlock
