SUI Trading Volume Soars to $615 Million, Overtaking Avalanche with 4% Price Increase
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SUI price has seen a 4% increase in the last 24 hours but remains down by 30% over the past month. Despite this slight recovery, technical indicators suggest a bearish setup, with both the Ichimoku Cloud and EMA lines showing strong resistance ahead.

Nevertheless, SUI has been demonstrating impressive trading activity, ranking as the sixth-largest blockchain by daily volume, surpassing popular networks like Avalanche and Polygon. The sustainability of this momentum and the potential for SUI to reclaim $4 in the near future will rely on its ability to overcome key resistance levels and confirm a reversal in trend.

SUI Emerges as the Sixth-Largest Blockchain In Terms of Daily Volume

SUI's daily volume on the blockchain has surged to $615 million in the last 24 hours, propelling it to the sixth position in terms of volume. This places it ahead of established networks such as Avalanche, Hyperliquid, Polygon, and Tron, indicating a thriving market environment.

Despite being a relatively new player, SUI's substantial daily volume signifies a rising interest among traders and investors, showcasing its growing popularity.

Keeping track of daily volume is essential for blockchain networks as it reflects user engagement, liquidity, and overall market demand. Despite registering a notable $615 million in daily volume, SUI boasts fewer protocols compared to more established networks like Avalanche and Polygon.

This indicates that while its ecosystem may still be in its early stages, the robust trading activity could attract more projects to integrate with SUI, potentially hastening its adoption and expansion.

Ichimoku Cloud Signals a Bearish Configuration for SUI

Analysis of the Ichimoku Cloud chart reveals that SUI's price is currently trading below the cloud, signaling a prevailing bearish trend. The thickness and downward slope of the cloud imply strong resistance levels above, suggesting a continuation of the downward trend if momentum does not shift.

Although the conversion line has shown a recent upward turn, potentially hinting at short-term bullish momentum, the lagging span remains below the price and the cloud, emphasizing that the longer-term trend remains bearish.

Furthermore, the future cloud is forming a bearish pattern, with leading span A positioned below leading span B, underscoring the dominance of bearish momentum.

Despite a recent price increase, the cloud continues to act as a formidable resistance zone. Unless SUI's price manages to breach this barrier and confirm a trend reversal, the overall sentiment remains cautious. The proximity of the SUI price to the lower edge of the cloud indicates a phase of consolidation before a clearer trend direction emerges.

Price Forecast for SUI: Can $4 Mark Be Surpassed Soon?

The EMA lines for SUI are still bearish, with short-term moving averages trailing below the longer-term ones even after the recent price upswing. This suggests that while momentum has improved, a definitive shift towards a clear uptrend has not occurred yet.

If the current bullish momentum persists, SUI's price could target $3.94, and a breakthrough at that level may propel it towards $4.25. A stronger trend reversal could drive the price even higher, potentially reaching levels of $4.76 or $5.14 in the weeks ahead.

Nonetheless, based on the indications from both the Ichimoku Cloud and EMA structure, the broader market sentiment for SUI remains bearish. Failure to maintain the current momentum and a test of support at $3.35 could result in a decline below $3.

In such a scenario, SUI's price might dip towards $2.97, with the possibility of further descent to $2.38 if selling pressure intensifies. Until a definitive shift in trend occurs, the market remains cautiously balanced, with both upward and downward potentials in play.

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