SUI crypto is making waves with its impressive performance in December, closing the month with a 21% gain while setting its seventh consecutive all-time high (ATH) in monthly DEX trading volume. This strong uptrend has sparked speculation: Could SUI hit $10?

Bullish Momentum Meets Overbought Signals

On the weekly timeframe, $SUI shows bullish price action but is in the overbought zone, indicating potential volatility. Key observations include:

  • Resistance at $4.80: A daily candle close above this level could trigger bullish momentum.

  • Support at $3.00: A crucial area where traders are eyeing bounce-back opportunities if a correction occurs.

  • Bearish RSI Divergence: Suggests potential short-term downward movement before resuming the uptrend.

Shorter time frames, such as the 4-hour and 30-minute charts, reveal narrowing channels and weakening bullish trend lines, hinting at possible price consolidation or further downside.

Source: X

DEX Volume

December’s DEX trading volume surged to $10.45 billion, surpassing November’s $8.02 billion. This marks a 7-month streak of ATH volumes, highlighting SUI’s growing dominance in decentralized trading.

Mid-December saw a volume spike, reflecting increased trader engagement driven by significant market events or developments. This surge underscores strong investor confidence in SUI and the broader DEX space.

Trader Sentiment

On dYdX, a staggering 77% of traders took long positions on SUI, signaling strong bullish sentiment. In contrast, platforms like Binance and OKX saw a more balanced split between long and short positions.

This unique confidence on dYdX may reflect platform-specific factors or SUI’s performance trajectory. If this sentiment persists, it could fuel further gains.

SUI’s December Outperformance

SUI outshone its peers in December, closing with a 21% gain while tokens like $TON , $SOL , APT, and SEI suffered losses of up to 36%. This divergence reflects SUI’s relative strength and resilience in a challenging market environment.

Will SUI Reach $10?

For SUI to hit $10, it needs sustained bullish momentum and support from increasing DEX volumes and long trader confidence. Key levels to watch are $4.80 for a breakout and $3.00 for potential corrections.

What’s your take on SUI’s future? Is $10 on the horizon?

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