Sui's Trading Volume Surges 66% Amid 12.55% Gain

Sui, a prominent cryptocurrency, has recently experienced a significant increase in its daily trading volume, marking a 66% hike. This surge in activity comes at a time when the token has gained 12.55% within the past 24 hours, indicating a potential rally. However, the demand for the token remains weak, suggesting that a sustained rally may be unlikely until this changes.

The cryptocurrency's recovery is further supported by a set of Fibonacci retracement levels plotted based on the rally toward the end of 2024. The 78.6% level, at $2.43, was perfectly retested on the 22nd of June, acting as a support. Additionally, the recent bounce of Bitcoin from $101k to $106k on Monday has contributed to the positive sentiment surrounding Sui's recovery.

Despite these positive indicators, it is too early to definitively conclude that Sui's recovery is sustainable. On the 1-week timeframe, the A/D indicator has made a series of lower highs in 2025, signaling persistent selling pressure. The CMF was at -0.08, indicating sizeable capital outflow. However, the MFI remained bullish despite the past month’s pullback, hinting at reduced selling volume, a trend confirmed by the below-average weekly trading volume bars. The weekly market structure is bullish following a structure break in early May.

The daily chart, however, presents a different picture. Sui has shown a bearish structure after falling below $3.12 in the first week of June. The A/D indicator has been trending downward for a month, and the CMF is in neutral territory, reflecting a lack of sizeable capital flow in or out of the market. The MFI is at 30.5, showcasing bearishness. There are two key support levels at $2.08 and $1.71. The former level was a support from March/April, while the latter marked the swing low of the weekly chart. A drop below $1.71 would shift the weekly structure bearishly.

Based on the current trend, there is a chance that $2.08 might be retested. However, if Bitcoin can remain above the $100k support zone and keep the market sentiment bullish, Sui might see increased demand. Rising buying pressure and a flip of the $3 level to support would be a strong signal that the altcoin is set to rally higher.