SUI Eyes Breakout as Backpack Launches $200K Incentives for DeFi Users

SUI is gaining significant momentum following the complete integration of the Sui network with Backpack. The update enables users to engage in trading, lending, and swapping assets and explore decentralized applications in Backpack Wallet and Exchange. Cross-chain bridging is also available, and Backpack will offer incentive campaigns where users can earn rewards from a pool of over $200,000 to drive engagement.

The integration improves the Sui ecosystem by adding a multi-functional platform for the core DeFi operations. This enhancement makes interaction with users less complicated, which is beneficial for both retail and institutional users who want to join the growing network of SUI.

SUI’s price has increased more than 140% since its April 7 low of $1.9, reaching $4.20 on May 11. This was the first time the token had gained back the $4 level since January. The rally picked up pace after SUI burst out of the $2.80–$3.10 range in April, an event that took place at the same time as a DEX volume all-time high of $782 million.

At press time, SUI is consolidating at $3.85-$4.15. A daily close above $4.35 is likely to confirm that the breakout is still ongoing, and the $5.30 all-time high of December 2024 would be back in focus.

According to DefiLlama’s data, Sui’s total value locked (TVL) recently reached a peak of $2.1 billion. Although it has decreased slightly to $2.088 billion, the TVL is still 17% higher than it was in early May, which shows consistent capital entry into the system. Sui has also witnessed growth among Sui-based lending protocols. TVL in these platforms increased by 78.86% within a month, driven by the NAVI protocol’s growing activity.

SUI futures markets also continue to experience rapid growth. Open interest increased from around $600 million in March to $1.86 billion on May 14. This significant growth indicates an increase in leveraged demand in key trading points and high confidence among traders. Technical strength, ecosystem growth, and market interest are all in alignment, and SUI seems ready to attack new highs over the coming weeks.