SUI (SUI), the native token of the SUI network, almost 10% increased over the last 24 hours after several catalysts during the past week pushed the token in a breakout zone.
The token delivered a bullish performance and climbed to $ 3.24 from $ 2.94 with a $ 0.34 trading area reflecting 11.5% volatility, according to Coindesk Research’s technical analysis model. It built a significant upward momentum with remarkable volume waves of $ 2.99 and $ 3.10, which demonstrated strong institutional accumulation and validated these breakout points as high-volume foundation levels.
Critical resistance is materialized to $ 3.27, with the price encountered reversing in the middle of increased volume, while the support is stabilized within $ 3.20- $ 3.21 zone in late trade times, indicating possible accumulation position for continued movement upwards.
The Bullish Momentum comes after several catalysts for token, including the launch of Threshold Network’s TBTC, an ERC-20 token supporting 1 to 1 of Bitcoin, on Sui-blockchain earlier this week, potentially adding over $ 500 million in Bitcoin liquidity to the SUI network.
SUI ranks among the top five LAG-1 networks, with the daily volume up approx. 135% against the market average of 52%, according to data on coinbase. The token has risen more than 340% in the last 12 months and exceeds the wider crypto market measured by the Coindesk 20 index, which increased approx. 2.8% in the same period.
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