SUI surged 20% to $5.27 with trading volume up 150%, driven by strong investor and trader participation.
$15.60M worth of SUI tokens flowed to exchanges, indicating profit-taking despite the price holding above $5.
A 82M token unlock, ANT Digital partnership, and $4.90 resistance breakout contributed to SUI’s upward momentum.
SUI, a layer-1 blockchain, has captured attention with a 20% price surge over the past 24 hours. This sharp increase stands out as Bitcoin, Ethereum, and XRP show limited momentum. SUI is currently trading near $5.27, driven by strong trader and investor participation. CoinMarketCap data highlights a 150% jump in trading volume, underscoring the growing interest.
https://twitter.com/0xDefiLeo/status/1875829609947857196 Increased Trading Activity Signals Growing Market Interest
Notably, SUI’s rising trading volume reveals significant market participation, which has played a critical role in the price surge. However, on-chain data from Coinglass shows that long-term holders, investors, and retailers are taking advantage of the rally to book profits.
In addition, spot inflow and outflow data reveal that exchanges have received $15.60 million worth of SUI tokens, signaling a potential sell-off.
Historically, inflows of this magnitude often create selling pressure, potentially leading to a price correction. Despite this, SUI has held steady above $5, reflecting resilience amidst profit-taking activities.
Token Unlock and Key Collaboration Boost Momentum
Also, another factor contributing to SUI’s performance is the controlled release of 82 million tokens, representing 0.82% of its supply. This strategic unlock has not only maintained market stability but also fostered confidence among traders.
Additionally, SUI’s collaboration with ANT Digital Technologies has strengthened its position in driving global adoption. Recent recognition from Cardano founder Charles Hoskinson has further highlighted SUI's credibility within the crypto community. These developments, coupled with technical factors, have amplified its market appeal.
Technical Breakout Fuels Optimism Among Traders
Recently, SUI broke through a crucial resistance level of $4.90, a milestone it has struggled to achieve in the past. The successful close above $5 has reinforced bullish sentiment, attracting both short-term traders and long-term holders.
Therefore, experts suggest that while the price appears overextended, it could climb another 10% to reach $5.75. The current sentiment suggests that SUI’s rally may have more room to grow, supported by increasing adoption and sustained interest.
The post SUI Leads Crypto Market with 22.5% Surge in a Week: Can the Momentum Last? appeared first on Crypto News Land.
