SUI Token Surges 10% Breaking Multi-Week Downtrend

SUI, a prominent layer-1 token, has recently broken its multi-week downtrend, marking a significant shift in market sentiment. The token surged above $2.85 with strong volume, ending a correction phase that began in May. This move flipped the short-term structure from bearish to bullish, with the price now printing at $2.8867 after gaining 3.92% on the day. The breakout was supported by a bullish engulfing candle, indicating a strong reversal in momentum.

The breakout has flipped $2.9467 into a buy zone, reversing previous intraday sell pressure. SUI has reclaimed the mid-range zone between $2.74 and $2.85, a key consolidation area during recent retracements. The token now holds both the above dynamic trendline resistance and prior supply zones, signaling a structural shift. The Relative Strength Index (RSI) on the 8-hour chart remains above 50, validating the strength of this breakout without divergence. Momentum is rising as higher lows from late June stack cleanly with the latest move, suggesting an expanding upside phase.

Volume has risen steadily with each candle, confirming real participation across both retail and institutional interest. The $3.00 resistance is now in focus, acting as the next logical test as SUI pushes from breakout territory. Short-term buyers are defending support aggressively, especially between $2.85 and $2.95. The intraday structure reflects clear demand after reclaiming $2.67 and bouncing off $2.65 with volume. This low formed the final wick before reversal and now anchors the current momentum shift. The chart also confirms a clean pattern of higher highs forming from that point.

SUI has printed multiple green candles back-to-back, each supported by volume. Its 24-hour gain of 10% pushed the token’s market cap to $10.18 billion and locked it in at rank 15th. With 3.45 billion SUI tokens circulating and a fully diluted cap of $29.47 billion, the valuation remains aggressive. However, price behavior, structure, and volume tell the real story. This breakout has energy behind it, and the $4.00 zone from earlier highs may not stay untouched for long.

The surge in volume indicates increased trading activity and interest in SUI. This heightened activity is often a precursor to significant price movements, as more participants enter the market, driving up demand. The bullish sentiment is further bolstered by the token's ability to sustain above key resistance levels, which were previously acting as barriers to upward price movements. Analysts have noted that the breakout from the downtrend is a positive sign for SUI, as it indicates that the token has overcome a significant hurdle. The $3.00 and $4.00 targets are seen as achievable, given the current momentum and the increasing interest in the token. However, it is important to note that these targets are based on current market conditions and may be subject to change depending on various factors, including market sentiment, regulatory developments, and technological advancements.

The breakout from the downtrend is also a testament to the resilience of the layer-1 token, which has faced numerous challenges in the past. Despite these challenges, SUI has managed to maintain its position in the market and continue to attract investors. The recent surge in volume and the bullish sentiment among market participants suggest that the token is poised for further growth. In conclusion, the breakout from the downtrend and the surge in volume have positioned SUI as a token to watch. With bulls eyeing $3.00 and $4.00 as potential targets, the token's prospects look promising. However, investors should remain cautious and monitor market conditions closely, as the cryptocurrency market is known for its volatility and unpredictability.