SUI has been consolidating for a long time, will it reach a new high of $5 soon?
After a brief sell-off, the market has begun to return to a bullish range, with the SUI price triggering a strong rebound that brings the token back into the bullish zone. Recent news about the introduction of Bitcoin staking features and major collaborations 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 SUi ecosystem has registered over 35 million active users, and the total trading volume on DEX has exceeded $32 billion. This could be the main reason for the 25% increase over the past few days, restoring the possibility of a strong, sustained upward trend, and it is very likely to reach new highs again in the near future.
The weekly chart of SUI price shows that the price has risen above the ascending 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 currently one of the top 20 cryptocurrencies by market capitalization. However, trading volume has decreased by over 36.5% in the last 24 hours, while the price has maintained a significant upward trend. This indicates that sellers have largely withdrawn, which may further pave the way for a continued upward trend, as long as it can successfully break through $3.68. The next target is likely to break the new high of $4.5! We shall see!
Wishing my friends who are destined to see this, may you make a fortune every day and have everything you wish for! By the way, please follow me, let's be friends. A Jie is very happy to share valuable insights and the latest news from the crypto world every day.
