SUI Jumps 11% After Grayscale Backing as DeFi Activity Shows Strong Recovery

SUI's price surged past critical technical markers, breaking through multiple exponential moving averages with trading volume topping $20.8 million. The token currently trades around $3.44, converting previous resistance levels into new support zones.

Grayscale's recent report spotlights SUI's technical strengths, particularly its Facebook-developed origins and scalable infrastructure. This institutional endorsement aligns with resurgent DeFi activity—$281 million in daily volume indicates renewed market confidence following May's security breach.

The market structure remains decidedly bullish, with price action maintaining positions above both the VWAP ($3.31) and the 0.236 Fibonacci level at $2.90. Momentum indicators confirm sustained accumulation as holders demonstrate conviction, favoring long-term positioning over short-term profit-taking.