SUI has recently demonstrated strength in price, trading at $3.32 for a mild increase of 1.27%. Even after this positive jump, the past week has not been very kind to the token, as it recorded a decline of 6.17% in the last week. In the last 24 hours alone, SUI’s trading volume spiked to $1.59 billion for a 57.65% rise. This price trend indicates a blend of risk-averting optimism and the increasing desire for the token among investors.
According to the analyst, SUI is stabilising above the crucial $3.40 level and reflecting robust bull momentum. SUI’s positive momentum comes in tandem with a comfortable volume profile that hints that the buying interest is real. While the RSI for the time being stands at 82.20, SUI is in the overbought region. It implies that the outlook remains good but caution must still be exercised in the short-term.
SUI price stays above key support level
The technical future for SUI is still positive, as price levels are stabilizing above the support region of $3.32. The Signal and the MACD lines are in close compression, usually a driver for future price action. The narrow Bollinger Bands, currently at 12.14%, represent suppressed volatility and possibly a pending breakout.
Key support exists at $3.38, and long positions are preferred above that. Analysts are recommending an initial target of $3.52 and a secondary target of $3.75, which provide a risk-to-reward ratio of 1:2.5. Nonetheless, given the overbought nature of the RSI, a caution must be exercised by buying in stages and not on a whole as in now.
Sui reaches $2 billion in DeFi TVL
On a larger scale, Sui’s ecosystem continues to expand rapidly. Accounts active have risen by a tenfold margin in the past two years, a testament to avid network participation. CEO Evan Cheng and the corporate leadership of Mysten Labs have driven this achievement through their experience in the area of blockchain and prior work in Meta.
Sui’s ascendancy extends to the realm of DeFi as well, whereby its TVL has hit $2 billion. Its ranking in the top ten by TVL places it among the most favored by institutions. With the evolution of the blockchain landscape, these achievements herald Sui’s increasing influence as it joins earlier entries in the industry.
