TL;DR
- SUI price surged to $1.70, rising 24.22% in 24 hours following Coinbase approval for New York residents to trade the token.
- A $86.86 million token unlock was absorbed without causing a sell-off.
- Trading volume jumped to $1.83 billion, reflecting strong institutional and retail demand, while market capitalization reached $6.36 billion.
Sui saw a notable price increase on December 3, driven by regulatory approval and a smoothly absorbed token unlock. The token gained approximately 24% in 24 hours, outperforming broader cryptocurrency markets, with trading volume surging to $1.83 billion. Investor interest extended to derivative markets and decentralized exchanges, suggesting broader confidence across multiple trading venues.
Coinbase Approval Boosts SUI Accessibility
The surge followed Coinbase obtaining approval to offer SUI trading for New York residents. This expanded access to nearly 19.8 million potential investors in a region known for strict regulatory standards. Trading activity increased immediately, supported by institutional accumulation through Coinbase Prime. Analysts noted that easier access through a regulated platform reduced liquidity friction, translating into higher demand and stronger market confidence. Smaller exchanges also reported upticks in trading volume, indicating wider market participation.
Token Unlock Absorption Reinforces Bullish Trend
SUI successfully absorbed a $86.86 million token unlock on December 1 without triggering the typical sell-off. Exchange netflows turned positive, and over $350 million in short positions were closed. Market participants interpreted the unlock as an opportunity to strengthen positions, reinforcing a bullish trend. The combination of regulatory clarity and effective supply absorption boosted both investor sentiment and technical momentum. Trading patterns suggest that new market entrants are providing additional support for the token’s stability.
Technical and Market Indicators Suggest Continued Momentum
SUI is currently trading near $1.70, with a market capitalization of $6.36 billion. Technical analysis shows a breakout from a double-bottom structure around $1.34 and a reclaim of the 30-day Simple Moving Average. The Relative Strength Index has risen from 41 to 58, signaling growing buying momentum.
Immediate resistance is at $1.78, while a decisive move above $1.92 could confirm a broader uptrend. On-chain metrics remain strong, with Total Value Locked surpassing $2.6 billion and developer activity increasing by 219%, supporting long-term adoption. Daily transaction counts continue near 8–10 million blocks, highlighting consistent network usage.
SUI’s rally reflects a combination of regulatory progress, effective token supply management, and strong on-chain growth.Â
