Upbit Resumes SUI Network Services: A Liquidity Grab Analysis

VADODARA, January 15, 2026 — The South Korean cryptocurrency exchange Upbit has resumed deposit and withdrawal services for assets on the SUI network, marking a critical development in the latest crypto news. According to the official announcement, this follows system maintenance completion, affecting Sui (SUI), DeepBook (DEEP), Haedal Protocol (HAEDAL), LumiWave (LWA), Momentum (MMT), and Walrus (WAL). Market structure suggests this move could catalyze a liquidity grab, as traders reposition capital amid Bitcoin's consolidation near $96,402.

Market Context & Background

Upbit's operational adjustments occur within a broader market environment characterized by high volatility and institutional scrutiny. Historically, exchange maintenance resumptions have preceded short-term price dislocations, as seen in previous cycles with Ethereum's Shanghai upgrade or Bitcoin's Taproot activation. Underlying this trend is the mechanics of order flow imbalance, where sudden liquidity injections create Fair Value Gaps (FVGs) that algorithmic traders exploit. Consequently, the resumption of SUI network services aligns with a period where altcoin dominance metrics show weakness relative to Bitcoin, per CoinMarketCap data. This mirrors the 2021 correction phase, where exchange-specific events triggered cascading liquidations across correlated assets.

Related developments include Santiment data indicating extreme Bitcoin FUD and Lemon's BTC-backed Visa card raising liquidity concerns, highlighting global regulatory and market pressures.

What Happened?

On January 15, 2026, Upbit officially notified users via its platform that deposit and withdrawal services for SUI network assets had been restored. The affected assets, as detailed in the announcement, include Sui (SUI), DeepBook (DEEP), Haedal Protocol (HAEDAL), LumiWave (LWA), Momentum (MMT), and Walrus (WAL). This resumption follows a scheduled system maintenance period, though the exchange did not disclose specific technical details or duration. According to on-chain data from Etherscan and similar explorers, SUI network transaction volumes spiked by approximately 15% in the hours following the announcement, indicating immediate market reaction.

Technical Analysis & Price Action

Market structure suggests the resumption has created a potential liquidity grab zone around SUI's current price of $1.35. The 4-hour chart shows a consolidation pattern between $1.20 support and $1.50 resistance, with RSI at 58, indicating neutral momentum. A Volume Profile analysis reveals a high-volume node at $1.25, acting as a magnet for price action. The 50-day moving average at $1.30 provides dynamic support, while the 200-day MA at $1.10 serves as a long-term baseline. Bullish invalidation is set at $1.20; a break below this level would signal a bearish order block activation. Bearish invalidation lies at $1.55, where a breakout could trigger a gamma squeeze toward $1.80. Fibonacci retracement levels from the recent swing high of $1.60 to low of $1.15 show key levels at $1.38 (38.2%) and $1.45 (61.8%), which may act as immediate targets.

By The Numbers

Why It Matters

This development matters institutionally as Upbit's liquidity resumption may influence cross-exchange arbitrage opportunities, particularly with South Korea's kimchi premium often affecting asset prices. For retail traders, the event introduces volatility risks, especially if order book depth proves insufficient to absorb sudden inflows. Market analysts note that such maintenance cycles can mask underlying technical vulnerabilities, as seen in past incidents like the Ethereum Merge where network upgrades required exchange adjustments. The 5-year horizon impact hinges on SUI's adoption of parallel transaction processing via its Move programming language, which could enhance scalability but faces competition from Ethereum's EIP-4844 blobs.

Community Sentiment

Community sentiment on X/Twitter is mixed, with bulls highlighting increased accessibility as a catalyst for SUI's ecosystem growth. One trader noted, "Upbit's move reduces friction for Korean investors, potentially boosting SUI's volume." Bears, however, caution that this could be a liquidity grab, citing similar patterns in recent rug pull analyses. Overall, sentiment aligns with the greed index score of 61, suggesting overoptimism that may precede a correction.

Price Prediction / Future Outlook

Bullish Case: If SUI holds above $1.20 and breaks $1.55, increased exchange liquidity could drive a rally toward $1.80, supported by positive on-chain metrics and broader altcoin season tailwinds. Market structure suggests a target based on the 1.618 Fibonacci extension at $2.00.

Bearish Case: A breakdown below $1.20 would invalidate the bullish order block, potentially triggering a sell-off to $1.10 (200-day MA) or lower. This scenario aligns with historical data where exchange resumptions preceded short-term downturns due to profit-taking and liquidity redistribution.