The Sui ecosystem saw significant activity Wednesday following the high-profile listing of DeepBook’s native token, DEEP, on Upbit, South Korea’s premier exchange. 

This news sent both DEEP and the network’s SUI token soaring – posting 24hr gains of 56% and 28% respectively, strongly outperforming peers.

The Upbit listing, which occurred at 05:30 UTC on April 22nd, initially trading against the Korean won (KRW). Also, Binance announced DEEP/USDT perpetual contracts with up to 50x leverage, further boosting trading interest globally.   

DeepBook Upgrade and Explosive DEEP Rally

DeepBook, a decentralized central limit order book (CLOB) and on-chain liquidity aggregator built on the Sui blockchain, recently underwent a significant upgrade with the launch of DeepBook v3.1 on April 16th. 

This upgrade introduced enhanced liquidity pools and reduced fees, potentially contributing to its growing appeal.   

The Upbit listing triggered an immediate and dramatic price rally for DEEP. Within a mere ten minutes of the announcement, the token’s price doubled from $0.092 to $0.183. At the time of writing, DEEP is trading at $0.2002, accompanied by a massive 274% explosion in its trading volume. 

Related: ONDO and SUI Buck Trend With 5% Gains: Here’s What the Charts Show

DEEP has successfully reclaimed its 20-day Exponential Moving Average (EMA) at $0.0967 and is currently battling to maintain its position above the crucial $0.2000 mark. 

Positive Sentiment Spills Over to SUI Token

The positive DeepBook sentiment and DEEP’s dramatic surge appear to be lifting the Sui network’s native SUI token too. As per CoinMarketCap data, SUI trading at $2.90 at the time of writing.

Its RSI sits high at 68.23, signaling strong buying pressure. While nearing overbought (>70), this primarily shows significant momentum with potential room left to run, though a pullback risk increases if it stays overbought. 

The price action is currently testing the upper band of the Bollinger Bands, which are plotted with a 20-period Simple Moving Average (SMA) and two standard deviations. This often suggests that the asset is experiencing high volatility and upward pressure. 

Related: Upbit Listing News Sends Sui Project DeepBook (DEEP) Price Up Over 37%

A sustained break above the upper band could indicate further bullish continuation. The upper band is currently around $2.95. If SUI manages to close decisively above this level, it could pave the way for a test of higher resistance levels. 

The middle band, acting as a dynamic support, is currently around $2.49, while the lower band sits near $2.03.