Sui (SUI) Price Analysis: Could it Perform Positively in the Buying Zone?

Sui crypto was trading at $4.22 at press time which has risen by 2.62% over the past 24 hours.

The price of Sui (SUI) has been in the red for the first three weeks of January and melted into the demand zone ($3.5). However, the SUI price has seen buying pressure and the price has moved away from the demand zone. It has risen 13% in the past two days, showing the involvement of buyers. Amid this bullish move, the SUI price has reached the 20-day EMA.

SUI Price In Buying Zone; Will It Make A Positive Move?

Sui crypto was trading at $4.22 at press time, which is a 2.62% increase in the past 24 hours. The market capitalization was $12.72 billion and the 24-hour trading volume was $1.12 billion.

The price action of SUI was trading at a rising support level that had just turned into resistance. This trendline has consistently provided a bounce for SUI since October, uplifting bullish sentiments.

In late January 2025, SUI fell below and tested this boundary at around $4.00, turning the support level into resistance.

Recent price action prompted a retest of this key ascending line as SUI dropped to a low of around $3.60 in early February.

Trading close to $4.18, this crucial level posed a challenge for SUI. If SUI manages to reclaim this line successfully, potential for an uptrend that could extend towards the next resistance appears, which is noted by prior peaks at around $4.60.

On the other hand, if this rising resistance is not overcome, SUI coin may pullback in search of support.

If selling pressure intensifies, a possible decline to the $3.60 level or even lower to the $3.00 mark could be seen.

While sustained rejection may solidify bearish trends, a confirmed breakout above this resistance could indicate a new bullish phase for SUI.

RSI has shown a bullish crossover with the RSI-based moving average, highlighting the bullish trend.

SUI Crypto Total DEX Volume Analysis

The decentralized exchange (DEX) volume of SUI has been rising consistently. From earlier months, there was a notable uptick with a total volume of around $20 billion in September.

This trend gained momentum as volumes rose to about $25 billion in October, indicating an increase in trader engagement and transaction activity within the SUI ecosystem.

Encouragingly, this trend continued into November as volumes surged to almost $34 billion.

Due to active trading during the holiday season and the expanding use of SUI-based applications, the momentum continued into December, with DEX volumes reaching approximately $44 billion.

Surging by 27.17% over the 30-day period, SUI’s DEX volume crossed the 55 billion mark by January 2025.

Both an increase in user engagement and the ongoing integration of new protocols were credited with this outstanding growth.

This surge in trading activity could propel SUI closer to $6 if market conditions remain favorable and investor sentiment continues to improve, as it is strongly correlated with the price performance of SUI.

The increase in volume supported SUI’s potential to reach new price highs soon and signaled a bullish outlook for the company.

This article is intended for informational use only and does not constitute financial, investment or any other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please conduct your own research before making any financial decisions.

Varuni has been in the web3 space for half a decade, witnessing the changing dynamics of DLT, Blockchain and Web3. With 8 years of journalistic expertise, she has a keen interest in emerging technology and their impact on society. She has published news and on-chain analysis articles on Nasdaq as well as some of the top web3, crypto news firms. Currently, she heads The Coin Republic as the Editor-In-Chief.