Sui’s Bullish Breakout Could Spark Momentum Toward $3.90 Resistance Level

3 mins mins

Key Insights:

Sui’s breakout above $3.55 signals potential for further upward momentum toward $3.90.
Surpassing $TRX, Sui now leads in all-time DEX volume with $136.1B, indicating growing liquidity.
Strong market position and increased trading volume suggest a continued bullish outlook for $SUI.

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Sui ($SUI) has experienced a notable breakout, sparking optimism among traders. The cryptocurrency recently broke through an ascending channel, a key technical pattern that has held for the past two weeks. Analysts suggest that a confirmed close above this level could lead to further upward movement, with the next resistance level at $3.90.

A Critical Retest of the Breakout Zone

The breakout from the ascending channel marks an essential development for $SUI. This breakout sees the price of $SUI hovering around $3.60, with a critical retest currently taking place at $3.55.

According to the analyst, a clean 4-hour close above this level could trigger a new bullish phase. This retest phase is essential to confirm whether the breakout is sustainable. If the price successfully holds above $3.55, $SUI could gain momentum toward the $3.80-$3.90 resistance zone.

Traders are advised to monitor the price closely for signs of sustained upward movement. A confirmed breakout above this critical level could bring further positive price action.

Sui’s Rising Liquidity and Market Strength

In addition to technical indicators, Sui has made notable strides in decentralized finance (DeFi). $SUI has surpassed Tron ($TRX) in all-time decentralized exchange (DEX) volume.

Based on EmanAbio Data, $SUI now boasts a cumulative DEX volume of $136.1 billion, compared to $TRX’s $131.8 billion. This shift highlights a growing preference for Sui in decentralized trading activities, showcasing its increasing liquidity. Analysts point out that this surge in volume is indicative of $SUI’s strong market presence.

The network’s liquidity, which has outpaced competitors like Aptos, Cardano, and Unichain combined, reflects an expanding user base and growing interest in the ecosystem. This momentum could help propel $SUI to new heights, especially as it breaks through key technical levels.

Trading Volume and Price Performance

Meanwhile, as of press time, Sui is currently trading at $3.53, with a 24-hour trading volume of approximately $1.15 billion. Despite a slight drop of 1.56% in the last 24 hours, the overall outlook for $SUI remains bullish, given its recent technical breakout and impressive DEX volume growth.

With a strong market position and increasing trading volume, $SUI is positioned to remain in focus for both short-term and long-term investors. The price action around the $3.55 breakout level will be key to determining if the bullish momentum can be sustained.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.