As of the current moment, SUI was priced at $3.25, following a 5.48% increase in the past 24 hours. Notably, the alternative coin has fluctuated between $3.19 and $3.53 during this timeframe, with its trade volume soaring to $1.21 billion.
Since pulling back from its peak of $3.93 on 17th November, the token appeared to be examining the crucial demand range of $3.20 to $3.25.
Crucial support areas pivotal for SUI’s upcoming price action
This zone holds significant importance in sustaining a bullish trend, aligning with the lower boundary of an upwards channel that has been backing the price’s upward trajectory.
The weekly chart has indicated a potential bounce if the support range holds, with hurdles at $3.35 and $3.40, setting a target of $5.00.
A breakthrough beyond the $5 mark could pave the way for an upsurge towards the next significant milestone at $7. Conversely, a failure to defend $3.20 might trigger a deeper pullback, with the subsequent support standing at $3.
On the 4-hour chart, SUI has repeatedly tested the $3.20 mark, underlining its importance as a critical support area.
If the price manages to breach $3.40, it could advance towards $3.50 – a psychological barrier and a key zone of previous price action. Conversely, a drop below $3.20 would likely escalate selling pressure, propelling the price towards $3 or even lower.
Sui Network Hits $33 Billion in Decentralized Exchange Trading Volume
The achievement of surpassing $33 billion in total decentralized exchange (DEX) trading volume was recently reached by Sui Network (SUI). This milestone signifies a remarkable 1,479% surge year-to-date, underscoring the rapid acceptance of Sui’s blockchain ecosystem.
The network’s capability to draw in liquidity can be viewed as an indication of strong market confidence and its expanding presence in the decentralized finance (DeFi) sector.
Optimistic Funding Rates Indicate Bullish Market Sentiments
The funding rates for SUI have consistently been positive, reflecting bullish sentiment among perpetual contract traders. Over recent weeks, these rates have hovered above 0.03%, peaking at 0.06% during the price rally from $2.80 to $3.60.
This suggests that traders have been willing to pay a premium to maintain long positions, emphasizing confidence in SUI’s positive momentum.
Conversely, the funding rates briefly turned negative in October when the price dipped to $2.50, indicating temporary bearish sentiment. As the price recovered, funding rates returned to positive territory, correlating with increased Open Interest activity. The continued bullish funding rates imply that market participants remain optimistic about SUI’s long-term growth potential.
Analysis of Market Indicators
The Alligator indicator on the 4-hour chart displayed a bearish alignment, indicating short-term selling pressure.
Similarly, the Awesome Oscillator pointed towards negative momentum, with a current value at -0.1086, despite a change in its histogram.
The Chaikin Money Flow index at -0.06 suggested mild capital outflows, signaling limited buyer interest at present levels.
Despite these bearish signals, SUI seemed to maintain its position within an upwards channel, implying that its overall bullish structure remains unchanged.