Peter Brandt is bullish on SUI for the first time, will this be a buying opportunity at the bottom?

Written by: Nicky, Foresight News

On the early morning of May 11, the price of SUI briefly rose to $1.42 and has now retreated to around $1.26, with a daily increase of 24.5%. Over the past week, SUI has seen a maximum increase of over 50%.

On May 11, SUI Group disclosed its treasury holdings. As of May 4, the company held approximately 108.7 million SUI tokens, a significant increase from the initial holding scale. Most of these assets are staked, generating about 5,200 SUI in daily earnings. These 108.7 million SUI account for about 2.7% of SUI's circulating supply, which is also regarded by the market as a significant reason for the recent rise.

The Sui development team co-founder Adeniyi Abiodun revealed on May 11 that the team plans to launch features supporting confidential transactions within this year, aiming to achieve large-scale, low-cost payment scenarios with privacy protection features.

From the perspective of capital flow, data from the CoinGlass platform shows that over the past week, the net inflow of the Binance SUI/USDT trading pair was approximately $14.67 million. In the contract market, the total SUI contract position on the entire network rose to $925 million, an increase of over 38% within 24 hours; the contract trading volume reached $5.85 billion, with an increase of about 424%. However, some indicators also suggest the market should remain cautious. Over the past seven days, the net outflow of SUI spot on the entire network was approximately $5.14 million.

The shift in market sentiment is also related to a public statement from a well-known analyst. On May 11, seasoned chart analyst Peter Brandt, who has over 50 years of trading experience, published the SUI weekly chart and stated that SUI is currently in an important bottom area, with the price expected to rise significantly from the current level. Brandt is known for analyzing classical chart patterns and has made judgments on several key turning points in the cryptocurrency market throughout his career. It should be noted that this is his first time publicly expressing a bullish view on SUI, while his past analyses on other tokens have not been consistently accurate, investors should rationally consider this signal.

From on-chain indicators, the Sui network has shown a significant uptick in the past few days. According to data from DefiLlama, as of May 11, the total locked value in the Sui network reached $654 million, rising about 10% from the previous day. In the previous month, this indicator remained in the range of $550 million to $650 million, overall showing signs of stabilization and rebound.

Since May 9, the daily trading volume of Sui network's DEX has significantly expanded, jumping from less than $60 million on May 8 to $274 million on May 11, an increase of over 360%. Ranked by TVL, the top three DeFi protocols on the current Sui network are NAVI, Suilend, and Bluefin, with TVL of $191 million, $184 million, and $109 million, respectively. Among them, NAVI generated over $41,000 in fee income in the past 24 hours, with actual protocol income of around $26,000.

In the stablecoin space, Sui Dollar (USDsui) issued by the payment company Stripe’s Bridge was launched in early March. The design of this stablecoin includes a mechanism: the yield generated from its underlying reserve assets will be used to repurchase and burn SUI tokens, or injected into DeFi protocols and automated market makers to incentivize trades. This mechanism theoretically creates demand support for SUI tokens. According to data from CoinMarketCap, the current total supply of USDsui is 62.96 million tokens.

In terms of traditional finance channels, SUI has recently made several significant progress. In late February, digital asset management company 21shares launched an exchange-traded fund tracking the spot price of SUI on Nasdaq, with the trading code TSUI. This is another spot ETF product for institutional investors following the Canary Stake SUI ETF and Grayscale Sui Staking ETF. Along with the leveraged ETF launched last December, a relatively complete ETF product matrix has been constructed around SUI, providing various exposure options for different types of investors.

Support from mainstream trading platforms is also advancing. At the beginning of February, Coinbase announced token standard support for Sui assets. In mid-March, PostFinance, a bank under Swiss Post, included SUI in its crypto asset service range.