Deepbook gains 75% in Sui-led rally: what’s fueling the surge?

Deepbook’s price has spiked 75% in the last 24 hours to lead top gainers across top cryptocurrencies. The technical outlook suggests bullish momentum after a breakout above $0.21. Growth in the Sui ecosystem as well as broader market sentiment may help DEEP price higher. DEEP, the native token of DeepBook on Sui, has skyrocketed by […] The post Deepbook gains 75% in Sui-led rally: what’s fueling the surge? appeared first on CoinJournal.

Apr 23, 2025 - 13:08

Deepbook gains 75% in Sui-led rally: what’s fueling the surge?

Deepbook’s price has spiked 75% in the last 24 hours to lead top gainers across top cryptocurrencies.
The technical outlook suggests bullish momentum after a breakout above $0.21.
Growth in the Sui ecosystem as well as broader market sentiment may help DEEP price higher.

DEEP, the native token of DeepBook on Sui, has skyrocketed by 75% in the past 24 hours, riding the wave of a broader surge in Bitcoin and the Sui ecosystem.

As of this writing, the token is trading near $0.22, having hit a high of $0.23 after breaking through the key $0.21 resistance level. This explosive price action underscores growing investor confidence in DeepBook’s role as a foundational liquidity layer for Sui’s burgeoning DeFi ecosystem.

Why DeepBook’s price is soaring

Several factors are fueling the remarkable rally in DEEP.

First, DeepBook is solidifying its position as the backbone of Sui’s DeFi stack, providing a high-throughput, low-latency central limit order book (CLOB) for on-chain trading.

The recent v3.1 upgrade, announced on April 16, introduced permissionless pools, lower fees, and enhanced balance management, making the platform more accessible and cost-efficient for builders and traders alike. These upgrades have catalyzed increased user activity and trading volume on DeepBook.

Second, the overall growth of the Sui ecosystem is driving value accrual to DEEP. Sui’s total value locked (TVL) recently surpassed $2 billion, doubling from $1 billion in just three months, according to a January 2025 report.

As more liquidity flows into Sui, DeepBook captures a larger share of trading fees and governance influence, boosting the utility and demand for DEEP$DEEP.

Furthermore, integrations with prominent DeFi protocols like Cetus and Aftermath have funneled significant trading volume through DeepBook, further amplifying its impact.

DeepBook price outlook: What’s next?

As investors eye another layer 1 winner as did Solana, many are looking at the Sui ecosystem.

This shows through most metrics such as TVL, monthly decentralised exchange (DEX) volume and decentralised finance (DeFi) growth.

DEEP is emerging as a major attraction in this ecosystem. Its tier 1 exchange listings add to the buzz.

Looking ahead, the outlook for DEEP remains bullish, supported by both fundamental and technical factors.

The token’s ability to hold above key leveld signal strong buyer conviction. Meanwhile, the broader growth of Sui’s DeFi ecosystem provides a solid foundation for sustained momentum.

From a technical perspective, Deepbook price has managed a decisive reversal from its prior downtrend. With renewed buying interest signaling a shift in market structure, the breakout above $0.2 could provide the base bulls needed to go higher.

If DEEP can maintain its current trajectory, it could test the next resistance near $0.25 in the short term. However, traders should watch for potential volatility, as overbought conditions may lead to a temporary consolidation.

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