DeepBook (DEEP) Price Soars 37% on Upbit Listing, Trading Volume Explodes

Sui-based DeFi protocol DeepBook (DEEP) delivered a stunning 37% price rally Tuesday, fueled by an explosive surge in trading volume following major exchange listing news.

DeepBook (DEEP) price surged more than 37% on Tuesday, recovering sharply from a seven-week lows hit last week as the DeFi protocol saw a massive volume spike following major exchange listing news.

DEEP last traded at $0.1280, up sharply from lows of around $0.089, while volume soared by over 1,550% after Announcment that South Korea's largest crypto exchange, Upbit, will be listing DEEP/KRW.

Upbit (Krw Market) Support✅

Supported Market : KRW Market

📅 Trading opens at: 2025-04-22 14:30 KST estimated

🔗 Discover more:https://t.co/kH4GUABioe#Upbit #DEEP@DeepBookonSui pic.twitter.com.com/07La5jn255

The sudden price gains saw DEEP recover the 20-day Exponential Moving Average (EMA) at the $0.081 level, breaking out of a prolonged consolidation phase.

Strong momentum was also evident in a bullish engulfing candle and a breakout above the upper Bollinger Band ($0.106), signaling high volatility and strong buying pressure.

Could a SUI ETF Be Coming? Market Hopes For Price Boost

Upbit Listing Taps Key Korean Market

This Upbit listing taps into South Korea's high crypto engagement, with over 16 million citizens—more than 30% of the total population—now holding accounts with major digital asset exchanges. These include Upbit, Bithumb, Coinone, Korbit, and Gopax, according to a March-end report.

Given Upbit's large footprint in the Korean market, the listing grants DeepBook access to one of the most engaged crypto user bases globally.

However, the listing terms include a temporary buy limit during the initial five minutes of trading and price restrictions to prevent excessive slippage, as noted by Upbit's official communication.

Technical Analysis: What The Indicators Say

As seen on the daily chart below, the Relative Strength Index (RSI) is currently at 75.11—deep in overbought territory—suggesting potential for a pullback or consolidation in the short term.

High RSI levels like these are usually followed by a brief cooling period unless sustained by ongoing volume and momentum.

The Bollinger Bands have widened significantly, indicating increased volatility. The current price has crossed the upper band ($0.106), which could indicate that the move is becoming overextended in the short term.

However, if DEEP manages to sustain momentum above this level, it could signal the formation of a new uptrend, with the next resistance zone at the $0.18–$0.20 range, last seen during January's peak.

In a bearish scenario, DEEP could revisit support at the 20-day EMA, now a critical demand zone at $0.081. A break below this level could send the price back toward the middle Bollinger Band at $0.071.