SUI bottom higher trade volumes breakthrough, is the second big pump market this year coming?

Original Title: SUI Price Analysis: $5 Could Be Closer Than You Think Due to THIS Bullish Indicator

Original author: Drop Gorn

Source of the original text:

Compiled by: Daisy, Mars Finance

A bullish breakout pattern is forming:

SUI has rebounded from the support level of $3.10 and is currently testing the resistance level around $3.50. The descending wedge breakout pattern suggests a potential rise to the range of $4.00-$5.00 in the short term.

Investor confidence is recovering:

The selling pressure caused by recent token unlocks has eased, and as buyers cautiously return, trading volume is rising, indicating a resurgence of market interest.

Ecosystem Development Prospects:

The news of sBTC being integrated into the Sui network is boosting market sentiment, which will enhance its DeFi utility and may drive prices up.

The Sui network (SUI) is a Layer 1 blockchain focused on speed, scalability, and security, utilizing a unique consensus mechanism, parallel transaction processing, and the Move smart contract language to support high-performance dApps.

Price Trend:

The current trading price is $3.40, with a market capitalization of $11.4 billion. It has performed remarkably since its launch, reaching an all-time high of $5.35 in January 2024, with a 210% increase over the past year. After a healthy correction due to overall market adjustments and profit-taking, SUI has stabilized within a narrow range, and buyers are gradually returning.

Price Prediction:

Currently, SUI is rebounding from the support level of $3.10, testing the resistance near $3.50. Market analysts are focusing on a typical descending wedge breakout pattern and its successful retest of the breakout level. If momentum holds and the market environment is favorable, it is likely to rise to the range of $4.00-$5.00 in the short term.

Market Sentiment and Development:

Investor sentiment in the Sui network is starting to warm up. Although the recent token unlock initially triggered a sell-off, the market has stabilized. Selling pressure has eased over the past few days, and with buyers cautiously entering, trading volume is rising.

In terms of development, Sui is preparing to integrate sBTC, which will enable DeFi applications on its network to securely and scalably use Bitcoin. This upcoming integration further enhances market sentiment and creates conditions for Sui to regain upward momentum in the coming weeks.

Future Outlook:

Overall, with improved sentiment after the unlocking, positive technical signals, and the upcoming important ecosystem updates, SUI is expected to rebound if the market environment remains favorable.