After a brief sell-off, the market began to return to a bullish range, triggering a strong rebound. Meanwhile, SUI prices quickly triggered a strong rebound, bringing the token back into the bullish range. Recent news regarding the introduction of Bitcoin staking features and large collaborations with Babylon Labs, Lombard Protocol, and Cubist reveal the growing dominance in the DeFi space.
In addition to BTC integration and partnerships, the SUI platform has achieved several other milestones. The ecosystem has registered over 35 million active users, and the total trading volume on DEX has surpassed $32 billion. This might be the main reason for the 25% increase over the past few days, restoring the possibility of a strong and sustained upward trend and setting new highs in the near future.
The weekly chart for SUI prices shows that the price has risen above the upward trend line, which is a strong resistance level. Bears have kept the price around $3.6, preventing it from breaking through these levels. However, the trading volume has increased, and the RSI is trying to maintain itself in the overbought zone. This could allow the upward trend to continue for a while, paving the way for new highs at any time in the future.
SUI is now one of the top 20 cryptocurrencies by market capitalization. However, trading volume has decreased by over 36.5% in the past 24 hours, while the price has maintained a considerable upward trend. This indicates that sellers have largely withdrawn, which may further pave the way for a sustained upward trend, breaking through the 1 FIB level of $3.68. From now on, a continued rise above this level could elevate it to the 1.2 FIB level of $4.5 at any time.