SUI Token Surges 10% as Trading Volume Jumps 37%

SUI, the native token of the Sui blockchain, is currently exhibiting strong bullish momentum as it approaches a critical resistance level of $3.30. The token has recently broken through the $2.90 resistance level, reaching a high of $3.1554 before consolidating around the $3.12 support level. This price action is accompanied by a significant increase in trading volume, which has surged by 37% in the past 24 hours, indicating heightened market interest and participation.

The Relative Strength Index (RSI) for SUI is nearing overbought territory, while the Moving Average Convergence Divergence (MACD) shows a bullish crossover. These technical indicators suggest that the token is poised for further upward movement. The 20-day moving average has been providing key support, reinforcing the bullish sentiment.

The current price structure of SUI shows a clear range between $3.08 and $3.1554, with the $3.12 to $3.30 zone becoming a focal point for potential breakout continuation. Market analysts and traders are closely monitoring this zone, as a successful breakout above $3.30 could signal a significant upward trend for the token.

In addition to the technical indicators, on-chain metrics also support the bullish outlook for SUI. The Total Value Locked (TVL) on the Sui network has reached $1.8 billion, making it the third-largest non-EVM chain in terms of TVL. This growth in TVL is driven by an increase in the stablecoin supply on the Sui chain, which has risen from $400 million in January to $1.2 billion. Furthermore, the TVL of SuiLend, a lending protocol on the network, has grown by 90% over the past month, now exceeding $600 million.

The network's growth is also supported by wallet integrations, such as support from Phantom and the launch of the Slush wallet, which have made it easier for users to interact with the Sui network. With both technical indicators and on-chain metrics aligned, SUI is entering a phase that traders will continue to monitor closely. The token's strong momentum and increasing user activity suggest that it could be on the brink of a significant breakout, potentially reaching the $3.30 resistance level and beyond.