SUI Surges 9.58% in 24 Hours Amid Bullish Sentiment and SEC Approval

SUI, a prominent digital asset, has seen a significant surge in its price, currently trading at approximately $3.02. This represents a 9.58% increase over the past 24 hours and nearly a 13% gain for the week, reflecting strong bullish sentiment among investors. The Relative Strength Index (RSI) for SUI is nearing the overbought territory, which typically signals that the asset may be due for a correction or consolidation period. The RSI, a momentum oscillator, measures the speed and change of price movements and is used to identify overbought or oversold conditions. An RSI above 70 is generally considered overbought, suggesting that the asset may be overvalued and due for a pullback.

The Moving Average Convergence Divergence (MACD), another key technical indicator, is currently flat, indicating a potential stabilization or minor reversal if buying pressure returns. The MACD is used to gauge the strength, direction, momentum, and duration of a trend in a stock’s price. A flat MACD suggests that the bullish momentum may be waning, and investors should be cautious of a potential reversal.

Analysts are closely monitoring the $3.30 level as a potential resistance point for SUI. If the asset can break through this level, it could signal further upward momentum. However, the overbought RSI suggests that the asset may face some short-term consolidation or a shallow pullback before targeting higher levels. Investors should be prepared for potential volatility as the market adjusts to the recent gains.

The current market conditions for SUI are characterized by a mix of bullish and bearish signals. While the recent price gains are impressive, the overbought RSI and flat MACD indicate that the asset may be due for a correction. Investors should closely monitor these indicators and be prepared for potential volatility in the coming days. The $3.30 level remains a key resistance point, and a break above this level could signal further upward momentum for SUI. However, the overbought RSI suggests that the asset may face some short-term consolidation or a shallow pullback before targeting higher levels.

Much of this enthusiasm comes from the SEC’s approval of a Grayscale ETF that includes leading assets such as BTC, ETH, SOL, XRP, and ADA. This has lifted sentiment across the Layer-1 space, including SUI. On the utility side, the Sui network hit a key milestone by processing $27.3 billion in token volume in June, signaling significant ecosystem growth and dApp usage. The token hit a 24-hour high of $3.08 and is now testing a critical resistance zone between $3.20 and $3.30, as marked on the chart. This area has previously rejected price advances and could act as a short-term hurdle. If bulls manage to push above this level with sustained volume, a breakout toward new local highs could follow.

On the downside, immediate support lies at $2.9847, aligning closely with the middle Bollinger Band and psychological support. Below that, $2.84 is a major support level, clearly marked on the chart, and has historically served as a strong demand zone. The RSI at 68.6 suggests it’s nearing overbought territory, which may lead to consolidation or a minor pullback. The key support and resistance levels to watch are resistance at $3.20–$3.30, and support at $2.9847 and $2.84 on the downside.