SUI token recorded a daily price increase of 16.59% with trading volume rising to $1.73 billion. The increase in trading volume was 94.28%, nearly doubling activity compared to previous sessions. This activity contributed to a significant increase in investments, supporting the price recovery, although the growth occurred against a backdrop of a broad technical structure.
Additionally, the Sui network demonstrated significant usage over the last 24 hours. According to DefiLlama analytics, the number of active AAVE addresses reached 125,038, with 12,551 new addresses added during this time. A total of 41.44 million transactions were processed, indicating high activity among network participants during the price increase. The Sui DeFi ecosystem maintained significant liquidity, with the total value locked (TVL) rising to $551.65 million, an increase of 0.34% over 24 hours. Despite the modest growth in TVL, the liquidity of the ecosystem did not decrease amid the rapid increase in speculative activity in the market.
The technical structure of SUI strengthened as the token broke through its prolonged descending channel during the recent recovery. After a correction from support at $0.6578, a significant change in the price structure occurred. The Parabolic SAR indicator level moved below the current price of around $0.5597, adding support to the upward momentum. On the weekly chart, bulls also controlled the DMI structure, where +DI was at 30.40 and -DI was recorded at 14.70. The ADX indicator reached 20.75, leaving room for further strengthening as the price continues to develop after the breakout. If the bulls manage to hold the breakout level of the channel, the next target level could be resistance at $1.3295 before a potential rise reaches $2.00.
Related articles
