TL;DR
- Sui Network surpassed $33 billion in DEX trading volume, achieving a 1,479% growth this year due to its increasing adoption in DeFi.
- The SUI token rose by 16% in 24 hours, reaching $3.74 after surpassing a critical support zone between $3.20 and $3.25.
- Despite mixed signals from technical indicators, it maintains a bullish structure with the potential to reach $5 if the current support level holds.
Sui Network has surpassed $33 billion in cumulative trading volume on decentralized exchanges (DEXs).
This growth, reflecting an impressive 1,479% increase year-to-date, is the result of the rapid adoption and strengthening of its ecosystem within the blockchain industry. In particular, it has gained significant traction in the decentralized finance (DeFi) sector. The market demonstrates its confidence in Sui’s ability to attract liquidity and expand its reach.
SUI Reaps the Rewards of Market Confidence
Regarding the performance of its native token, SUI has experienced several successful weeks. The token is currently trading around $3.74, following a 16% increase in the last 24 hours. On a monthly scale, the price has surged over 102%. Notably, it has surpassed a critical support level, previously located between $3.20 and $3.25. After breaking through, the price continued its upward momentum. This zone coincided with an ascending trendline that has historically supported price growth.
If the price remains above the current level, there is potential for a rebound toward higher levels, with a more ambitious target of around $5. However, a break below $3.20 could intensify selling pressure, pushing the price towards $3 or even lower, signaling a sharp correction.
What Lies Ahead?
Market indicators present mixed signals. While funding rates for SUI perpetual contracts have remained positive since mid-November, reflecting optimism among traders, other indicators such as the Alligator and Awesome Oscillator highlight short-term selling pressure. Despite this, the token continues to trade within an ascending channel, suggesting that its overall structure remains bullish.
The recent milestone in trading volume and trader activity sustains interest in Sui Network in a competitive DeFi landscape. However, the next price movement of SUI will depend on its ability to defend key support zones and capitalize on market interest. This will be a critical factor in determining whether the asset can sustain its positive momentum or face new challenges in the coming months
