SUI price visited an ascending support level that had recently transitioned into a resistance line.
This trendline, since October, has provided support as SUI prices repeatedly bounced off it, reinforcing bullish sentiments.
The support level turned resistance in late January 2025, when SUI dipped below and tested this boundary at approximately $4.00.
Recent price actions saw SUI’s decline to a low near $3.60 in early February, which triggered a retest of this critical ascending line.
With SUI trading near $4.18, it suggests a struggle at this pivotal level.
If SUI successfully reclaims this line, potential for an uptrend emerges, possibly extending towards the next resistance near $4.60, marked by previous peaks.
Conversely, failure to breach this ascending resistance could result in SUI retreating to find support.
A potential fallback to the $3.60 level, or further to the $3.00 mark, could manifest if selling pressure intensifies.
A confirmed breakout above this resistance could signal a renewed bullish phase for SUI, while continued rejection might consolidate bearish trends.
SUI Crypto Total DEX Volume
SUI’s decentralized exchange (DEX) volumes has consistently risen. In September, the total volume reached approximately $20 Billion, marking a significant recovery from previous months.
This trend accelerated into October, with volumes surging to about $25 billion, reflecting a growing trader confidence and increased transaction activity within the SUI ecosystem.
November saw a continuation of this positive pattern, as volumes climbed to nearly $34 Billion.
The momentum sustained through December, with DEX volumes hitting around $44 Billion, driven by heightened trading during the holiday season and growing adoption of SUI-based applications.
SUI DEX Volume | Source: Torero Romero/XBy January 2025, SUI’s DEX volume soared past $55 billion, marking a dramatic 27.17% increase over the 30-day period.
This remarkable growth was attributed to the continuous integration of new protocols and a surge in user engagement.
The consistent rise in DEX volumes significantly correlates with SUI’s price appreciation.
This increase in trading activity can potentially propel SUI towards $6, assuming market conditions remain favorable and investor sentiment continues to strengthen.
The volume growth suggested a bullish outlook for SUI, reinforcing its potential to achieve new price highs in the near future.
Top 10 Memecoins on Sui by Market Cap
The top 10 memecoins on the SUI blockchain displayed impressive market caps following a modest recovery in the broader crypto market.
Leading the pack, LOFI surged to a market cap of $48,968,570. It was followed by AXOL, which reached $28,210,884.
In close pursuit, BLUB showed a robust presence with a market cap of $19,952,761. FUD also made a significant impact, accruing a total of $11,242,329.
Top 10 memes on Sui | Source: Torero Romero/XAgent S and TARDI continued the trend, boasting market caps of $5,481,394 and $5,281,788, respectively.
AAA ($0.00) and UNI ($11.72) contributed $4,958,327 and $2,492,210, marking their stakes in the ecosystem.
Near the bottom, ISUI presented $1,854,767, while S788 rounded out the list with $788,556.
These memecoins collectively accounted for a total market cap of $133,230,103, underscoring their growing importance in the SUI ecosystem.
Their dynamic growth not only highlights the increasing investor interest in these tokens but also suggests a potential for driving SUI’s price upwards.
Their activities could foster greater network utilization and speculative trading on the platform.
The post SUI Price: Can a Breakout Fuel SUI Past $6 Soon? appeared first on The Coin Republic.
