SUI Surges 25% in Active Addresses, Eyes $3.40 Resistance

SUI, a prominent cryptocurrency, is currently exhibiting bullish momentum, with analysts closely monitoring the $3.40 resistance level. A confirmed break above this price point could pave the way for further gains, with the next significant resistance zone identified around $4.00. As of the latest update, SUI is trading at $3.33, just below this critical level.

Technical indicators are supporting this bullish outlook. A golden cross, where the 50-day moving average crosses above the 200-day moving average, has formed, historically preceding large rallies. For instance, a similar crossover in late 2024 led to a surge of over 380% in SUI's value. Additionally, the cryptocurrency has shown strong support at $2.83, with higher lows developing on the daily timeframe. A falling wedge pattern has also broken to the upside, further reinforcing the bullish sentiment.

On-chain metrics are also painting a positive picture for SUI. The total value locked (TVL) on Sui-based platforms has climbed by 50% since April, reaching $3.05 billion. This increase in TVL indicates growing network engagement and confidence in the platform. Furthermore, daily active addresses have increased by 25%, signaling improved participation and usage within the SUI ecosystem. Weighted funding rates have remained positive for over a week, suggesting that long positions are still favored by market participants.

Analysts are closely watching the $3.40 sell wall, as a break above this level could result in rapid upside movement toward the next resistance zone around $4.00. However, a failure to break through this resistance could trigger a retest of the $2.83 support level, with further downside support near $2.42. Despite the bullish outlook, traders are advised to exercise caution and monitor market developments closely.