Story Highlights
As the market seems to have shaken off the latest sell-off pressure, the SUI price appears to have begun a strong upward climb.
The token seems ready to rise by 25%, set new highs, and potentially push the price towards the $5 milestone.
After a brief sell-off, the market has begun to return to a bullish range, triggering a strong rebound. Meanwhile, the SUI price has quickly sparked a strong rebound, bringing the token back into the bullish range. Recent news about the introduction of Bitcoin staking features and major partnerships with Babylon Labs, Lombard Protocol, and Cubist reveals 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 exceeded $32 billion. This may be the main reason for the 25% increase over the past few days, restoring the possibility of a strong, sustained upward trend and new highs in the near future.
The weekly chart for the SUI price 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, trading volume has increased, and the RSI is trying to stay in the overbought territory. This could allow the upward trend to continue for some time, paving the way for new highs at any point in the future.
SUI is now one of the top 20 cryptocurrencies by market capitalization. However, trading volume has dropped by more than 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 This indicates that sellers have largely withdrawn, which may further pave the way for a continued upward trend, breaking through the 1 FIB level at $3.68. From now on, a sustained rise above that level could boost the level to 1.2 FIB at $4.5 at any moment.
