In this video I break down the current SUI price action using Elliott Wave analysis to identify whether the asset is setting up for a bullish recovery or a continuation of the downtrend. I examine the recent reaction from the Fibonacci support zone and discuss the levels that must hold to maintain a recovery scenario versus the levels that suggest further downside risk. Video by More Crypto Online.
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As of July 23, 2026, Sui (SUI) is trading at approximately $0.763, showing a modest 24-hour gain of roughly 1.4% amid a consolidating broader crypto market. With a circulating supply of 4.05 billion tokens, Sui holds a market capitalization of $3.12 billion, maintaining its position at rank #30 globally.
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1. Test Devnet Confidential TransactionsSui has officially initiated live devnet testing for private, confidential transactions. “By offering a compliant privacy model, Sui could attract more financial and business applications, potentially increasing network utility and demand for the token.”, as noted by CoinMarketCap. This addresses a significant hurdle for enterprise blockchain adoption.
2. Implement Direct Coinbase StakingCoinbase launched native SUI staking support. This introduces simplified retail yield access directly within a major tier-1 exchange ecosystem, structurally enhancing retail liquidity and network lockups.
3. Expand Network ActivityThe network surpassed a cumulative milestone of 4.5 billion blockchain transactions. Weekly metrics show a sharp 171% spike in active wallet addresses, driven by high-throughput gaming and DeFi protocol integrations. Additionally, the new Hashi Bitcoin Finance testnet went live with over 25 partners, introducing native BTC as DeFi collateral on Sui.
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