Here’s Exactly Why SUI Price Is Pumping

Technical Rebound from Key Support Level

SUI has experienced a notable rally over the past two days, climbing more than 30% at a time when many tokens are just beginning to recover. This significant move is particularly noteworthy as the token had been trading within a falling channel for months.

A close examination of the chart reveals a primary clue for this surge. The price reached the base of a long-standing falling channel, which had previously acted as support on two other occasions within the past year, each time resulting in a strong rebound. The current price action appears to be following this established pattern.

The chart illustrates a distinct liquidity zone encircling the lower trendline. Upon returning to this zone, buyers reacted swiftly, perceiving the area as a favorable entry point, which initiated a fresh wave of accumulation. This buying pressure has successfully shifted momentum, driving the price away from the trendline once again.

The ongoing bounce is also pushing SUI closer to the upper boundary of the channel. A sustained increase could potentially drive the price towards $3.3 in the coming days. While the current price structure resembles previous rebounds, the token still requires stronger trading volume to convincingly challenge the upper trendline.

Daily Indicators Show Mixed but Improving Momentum

The daily chart indicators provide further insight into the current market sentiment. Several analytical tools are indicating a bullish trend, although some cautionary signals persist, reflecting the evolving momentum.

The current indicator readings suggest that the market direction is not yet fully aligned. Momentum indicators such as ADX, CCI, and Highs Lows indicate a resurgence of strength in the market. However, trend indicators like MACD and Ultimate Oscillator remain sluggish, suggesting that buyers must maintain current levels to prevent a potential pullback. This divergence highlights the importance of caution, as early uptrends often exhibit conflicting signals before establishing a clear direction.

Coinbase Listing in New York Fuels SUI Price Surge

A significant catalyst for SUI's price increase was its listing on Coinbase, making it tradable for New York residents on December 2. The New York market is subject to stringent regulations, and such approvals often attract considerable attention. This listing effectively expanded the token's accessibility within a region that accounts for a substantial portion of cryptocurrency activity in the United States.

The most immediate impact was observed in trading volume, which saw a significant increase. SUI recorded $1.85 billion in 24-hour activity, nearly doubling the previous day's turnover. This new market access reduced barriers for buyers who had been awaiting regulatory approval and also improved liquidity conditions for larger transactions.

Furthermore, the listing addressed long-standing concerns regarding the token's accessibility within the United States. This development occurred at a time of increasing speculation surrounding Exchange-Traded Funds (ETFs), injecting fresh momentum into the narrative surrounding the SUI ecosystem.

SUI Price Remains Strong Despite Large Token Unlock

Another unexpected factor contributing to SUI's resilience is its reaction to the recent token unlock. On November 30, a total of 55.54 million tokens entered circulation, valued at approximately $94.9 million at the time. Typically, such a large release can exert downward pressure on the price. However, SUI's price rose by 21% following the unlock, defying expectations.

This unusual reaction suggests that larger buyers absorbed the released supply. The circulating supply has now reached 3.74 billion tokens, representing 37.4% of the total supply. This strong performance supports recent statements from the Sui Foundation indicating that token unlocks are aligned with the long-term growth of the ecosystem. A larger unlock, valued at approximately $206 million, is scheduled for December, and this subsequent release could still create selling pressure if demand weakens.

Ecosystem Growth Contributes to SUI Price Action

SUI has also benefited from substantial growth within its network throughout 2024 and 2025. The total value locked (TVL) in its Decentralized Finance (DeFi) sector surpassed $1 billion in 2024, up from approximately $500 million earlier that year. Protocols such as Cetus have facilitated over $5.5 billion in monthly volume, while Navi has reached a TVL of about $534 million. Native stablecoins, including USDsui and USDC on Sui, have collectively exceeded $1.24 billion, with daily stablecoin transfers reaching $2.4 billion in November 2025.

Gaming adoption has also seen an increase, with over 70 titles active on SuiPlay0X1. Cross-chain liquidity from Bitcoin DeFi (BTCfi) integrations has introduced an additional layer of demand, contributing approximately 10% of the total TVL. These developments have strengthened the case for SUI as both a gas token and a governance asset.

Historical patterns within the ecosystem indicate that spikes in TVL often precede price rallies. A similar trend was observed in September 2024, when SUI experienced a gain of about 65% shortly after its DeFi TVL surpassed $1 billion.

Future Token Unlocks Pose Supply Pressure Risk

SUI's supply distribution continues to influence its price behavior. The current circulating supply stands at 3.74 billion out of a planned total of 10 billion tokens. An unlock event valued at $128 million is scheduled for August 1, 2025. While the recent November unlock, worth $86.8 million, was absorbed smoothly, partly due to the Coinbase New York listing, subsequent unlock cycles may not always encounter the same level of demand from large-scale buyers.

Historically, periods following token unlocks have seen price dips ranging from 8% to 15% as early investors opt to realize profits. The Cetus exploit in May 2025 serves as a recent example where an unlock coincided with broader market turmoil, resulting in an 8% decline.

Institutional and Regulatory Developments Create a Mixed Outlook

The U.S. Securities and Exchange Commission (SEC) is reviewing ETF proposals for SUI from 21Shares and Canary Capital, with a decision expected by January 2026. The approval of these ETFs could significantly alter the token's profile, similar to the inflows that reshaped Bitcoin's market dynamics following its ETF launch in early 2024. Conversely, delays in these decisions could potentially keep SUI's price confined within its long-term channel.

Institutional involvement continues to expand. Mill City Ventures allocated 98% of a $450 million raise to SUI holdings, and AMINA Bank introduced custody services in August 2025. Sui Group also holds approximately $344 million in SUI, which contributes to supply stability but concentrates ownership among a smaller group of holders.

SUI's recent surge is attributed to a confluence of technical, fundamental, and regulatory catalysts. The initial price movement was triggered by a bounce from a significant liquidity zone. The Coinbase New York listing amplified trading activity. Expansion in DeFi and growth in stablecoin usage have bolstered long-term interest. The absorption of tokens from unlocks demonstrated unexpected strength. However, the path forward still presents challenges, particularly concerning supply pressure and the uncertainty surrounding ETF approvals.