The SUI token is attracting attention in the crypto market, showing a rise of more than 10% over the past day. This surge is linked to several key factors.
Reasons Behind SUI Price Surge
The SUI token is currently trading around $3.26, with trading volume increasing by over 121%. A primary factor for this surge is the announcement of tBTC launch on the Sui blockchain, which brings over $500 million in liquidity to Sui's DeFi ecosystem. Analysts suggest that Grayscale's report has also played a significant role in attracting retail and institutional investors.
SUI Price Chart Structure
The SUI chart confirms a breakout from a descending trend that has been present since early June. The price broke resistance near $2.90 and is now holding above it. Analysts note that the increase in volume during the breakout affirms a bullish pattern. Support is currently located between $2.80 and $2.90, while potential resistance levels are in the $3.90–$4.10 range.
Price Predictions for SUI by July's End
Based on structural analysis, the price of SUI could test the $5 mark. Experts assert that if the trend continues and support levels hold, a price range of $4–$5 could be achievable by the end of July.
The recent success of the SUI token highlights the importance of innovations in the crypto ecosystem and the active interest of investors. The future of SUI will depend on sustaining the trend and the platform's performance.
