- Sui Network surpassed $33 billion in DEX volume, up 1,479% year-to-date
- The $3 support zone will be crucial for SUI’s next move on the charts
At the time of writing, SUI was trading at $3.25, having risen 5.48% in the last 24 hours. In fact, it is the altcoins The price fluctuated between $3.19 and $3.53 during the aforementioned period, with trading volume also increasing to $1.21 billion.
After bouncing back from its all-time high of $3.93 on November 17, the token appeared to be testing the critical demand zone of $3.20 to $3.25.
Key support zones that are critical for SUI’s next price move
This area is critical for maintaining bullish momentum as it coincides with the lower trendline of an ascending channel that has supported the upward movement of price.
The weekly chart highlighted the potential for a recovery if the demand zone holds, with resistances at $3.35 and $3.40, and a target of $5.00.
Source: TradingView
Breaking the $5 level could pave the way for a rally towards the next major milestone at $7. However, the inability to defend $3.20 could lead to a deeper correction, with the next support at $3.
On the 4-hour chart, SUI tested the USD 3.20 level multiple times, indicating its importance as a key support zone.
Source: TradingView
A break above $3.40 could take the price to $3.50 – a psychological barrier and a significant area of previous price activity.
Conversely, a break below $3.20 would likely increase selling pressure, pushing the price towards $3 or lower on the charts.
Sui Network reaches $33 billion in DEX trading volume
Sui Network (SUI) recently reached a major milestone, surpassing $33 billion in cumulative decentralized DEX trading volume. This achievement represented a staggering 1,479% growth this year – underscoring the rapid adoption of Sui’s blockchain ecosystem.
Source:
The network’s ability to attract liquidity can be seen as a sign of strong market confidence and its growing footprint in the decentralized finance (DeFi) space.
Positive funding rates reflect bullish market sentiment
SUI’s funding rates have remained consistently positive – a sign of bullish sentiment among perpetual contract traders. Think about this: Since mid-November, interest rates have remained above 0.03%, with the same spike of 0.06% during the price increase from $2.80 to $3.60.
This indicated that traders paid a premium to hold long positions, underscoring confidence in SUI’s upward momentum.
Source: Coinglass
On the contrary, the funding rate briefly turned negative in October when the price fell to $2.50, signaling temporary bearish sentiment.
As the price recovered, the financing rate shifted back into positive territory, in line with a rise in Open Interest activity. Continued rising financing rates implied that market participants remained optimistic about SUI’s long-term growth potential.
What do the market indicators say?
The Alligator indicator on the 4-hour chart showed a bearish alignment, reflecting short-term selling pressure.
Similarly, the Awesome Oscillator highlighted negative momentum, with a press time value of -0.1086, despite the histogram showing a shift.
Source: TradingView
The Chaikin Money Flow Index of -0.06 highlighted mild capital outflows, indicating limited buyer interest at press time.
However, despite these bearish indicators, SUI appeared to remain in a rising channel. This suggested that the overall bullish structure has remained intact.
Credit : ambcrypto.com
