Sui (SUI) Gears Up for Bullish Momentum in the Last 24 Hours Following a 10.52% Price Surge and Increased Network Activity

At the time of writing, SUI was trading at $3.31, rising from the $2.85 key support on the 4-hour time frame.

Sui (SUI) price surged over 10% on Monday as network activity increased significantly. The coin fiyatı rose from the key support level at $2.85 on the 4-hour time frame to reach $3.31 on Monday.

According to data from Cryptowaves, the RSI level was at 45, indicating a neutral market sentiment. This comes after weeks of bearish momentum.

Moreover, holding the $2.85 to 3.00 support zone in the lower time frames confirmed the uptrend in the higher time frame.

According to Solberg Invest on X (formerly Twitter), SUI could surpass its $5.35 all-time high, move past the $6.16 critical level, and target the $7.22 resistance level.

On-chain activity

Data from OKlink showed a 55,522 increase in active addresses on the Sui Network over the past 24 hours. The total addresses increased by 102,883, while trading volume rose by 7.15%.

Giannis Andreou, a crypto analyst, also shared the growing adoption of the Sui network in an X post.

According to Andreou, Sui is set to outpace the combined transaction volume of Ethereum, Arbitrum, and Optimism by 2025, with daily transaction volumes rising steadily.

Coin price analysis

Data from Coinglass showed the coin’s 24-hour Open Interest on major exchanges increased, indicating a positive market sentiment after several weeks of bearish momentum.

At the time of writing, the daily Long-to-Short Ratio stood above 2.3, according to Coinanalyze data. The statistics suggest optimism and a bullish market sentiment on major exchanges.

What next for Sui Network (SUI)?

The Sui Network is likely to launch more projects to expand its ecosystem. The low fees, scalability, and high transaction throughput are some of its upsides.

Moreover, the Sui blockchain is embracing DeFi and NFTs in its growth.

The coin could keep the uptrend after holding the $2.85 key support level. The bullish momentum could be eyeing the $6.12 critical level. If this holds, we could see SUI at the $7.00 and 7.22 resistance zone.

Investors should watch out for these key levels for confirmation before making the next moves.