Key Insights:
- SUI breaks above $1.80 resistance, bouncing from key support with rising volume and trader interest.
- On-chain activity rose 30% since November, showing increased usage across the Sui network.
- Token unlock worth $65M absorbed without a sell-off, signaling stronger market confidence and demand.
Sui (SUI) was showing strong upward movement, with a 16% increase in the past 24 hours. The token was trading at $1.98, after gaining more than 38% in the past week. Trading volume has crossed $2.19 billion, indicating increased interest and activity.
The price recently broke above $1.80, a level that had acted as resistance in previous sessions. This move has placed SUI closer to the $2.00 mark, a level many traders are now watching closely. Holding above $1.80 is seen as a short-term support zone.
Network Activity and Market Reaction to Unlock
Since late November, Sui’s on-chain activity has grown by around 30%. The rise suggests that more users are interacting with the network, which may be connected to new applications or rising demand.
A recent $65 million token unlock did not lead to a sell-off. Instead, the price continued to move higher. This reaction is different from many past unlock events across crypto markets. One trader noted, “The unlock was expected to add pressure, but the market handled it well.”
Chart Structure Points to Recovery
The daily chart shows a reversal pattern known for marking the end of downward trends. SUI has formed an inverse head and shoulders, with price lifting off from a key support area between $1.60 and $1.70. This zone has held during multiple corrections, showing strong buying interest.
A break above a downward trendline adds to the setup. Technical signals have also shifted, with trend indicators now favoring buyers. The structure remains constructive while price stays above recent support.
Larger Pattern Suggests Breakout Potential
On the weekly timeframe, SUI appears to be trading inside a falling wedge. This pattern has narrowed over time, and the price has recently moved off its lower boundary. A move above the top of the wedge could point to higher targets.
A recent post from BFB stated,
Source: BFB/XMoreover, suggesting price may be entering a recovery phase. The post also noted a possible upside of up to 250%, with a long-term target near $6.60 based on past price levels.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Source: https://coincu.com/analysis/sui-breaks-1-80-next-stop-2-00/
