SUI Token Trading Near $3.40 with Strong Bullish Sentiment
Sui blockchain’s native token, SUI, is currently trading at approximately $3.40, showing a 1.7% increase in the past 24 hours. The token experienced a rally of over 75% in late April and has since entered a consolidation phase, forming a bull flag pattern.
- Trading volume increased by 16%, indicating renewed market interest.
- 21Shares announced a strategic partnership with Sui to enhance global access to the network.
- Grayscale launched the SUI Trust to promote institutional adoption.
- Sui secured a spot among the top 10 Layer-1 blockchains with over $1.74 billion in total value locked (TVL), rising 56% last month.
The current price action suggests resistance near $3.50. If broken, the next upside target could be $4.70. The RSI is at 64, nearing overbought territory, with caution advised for any moves above 70 that could indicate potential reversals.
SUI price chart with RSI and Bollinger bands | Source: TradingView
Bollinger Bands indicate an upward bias, with SUI trading above its 20-day moving average around $3.12. A move towards the upper band could signal increased buying pressure.