SUI Surges 4.7% Amid US-China Trade Uncertainty

SUI, the native token of the Sui blockchain, experienced a significant surge of 4.7% in its price, driven by a substantial increase in trading volume. This surge occurred as global markets faced uncertainty due to ongoing trade talks between the U.S. and China. The price of SUI climbed from $3.20 to $3.30, establishing key support at $3.24 following a V-shaped recovery pattern. This pattern suggests a renewed bullish momentum, as investors seek alternative assets amidst growing concerns about traditional market stability.

The technical analysis of SUI's price action reveals a clear uptrend characterized by higher lows and higher highs. The volume spiked to 18.2 million during U.S. morning hours, nearly tripling the 24-hour average. This surge in volume indicates strong buying interest and supports the bullish outlook for SUI. The $3.30 level has now become a critical pivot point for further upside potential, with resistance emerging at $3.336. Additionally, the $3.316 level has been established as a new support zone following the recovery.

The surge in SUI's price can be attributed to the ongoing trade talks between the U.S. and China, which have created a sense of uncertainty in global markets. As investors look for alternative assets to hedge against potential market volatility, SUI has emerged as an attractive option. The strong support at $3.24 and the clear uptrend in price action further bolster the bullish case for SUI. With the $3.30 level serving as a critical pivot point, investors will be closely watching for any further developments that could drive the price higher.