The crypto markets have seen a period of volatility, and like most altcoins, Sui (SUI) has had a rough month. However, the latest uptick in DEX volume and strong technicals suggest the SUI token could soon see a major rebound.
On Wednesday, April 2, Sui reached a daily high of $2.51, registering a daily increase of 5%, before correcting to $2.45. This still puts Sui at a 16.36% decline over the last month from the previous level of $2.89. However, the token managed to maintain a key support range that could fuel a rally.
SUI Price Prediction
Sui has found strong horizontal support at around the $2.0 to 2.2 range twice this month. The double retest is fueling bullish momentum, with a potential breakout soon. Notably, Sui’s price is trading near the descending trendline near the $2.5 range. If Sui stays above that range, it has the potential to break through the 20-week Exponential Moving Average at $2.9414.
A jump above this range would make the next target the $3.7 resistance zone. The Relative Strength Index (RSI) is neutral at around 48, indicating there is room for a price surge before the token becomes overbought. A breakout from the mid-term range could push the price to $5.20, near previous yearly highs.
Fundamentals are also strong for Sui, as an increase in DEX volume accompanied its latest price increase. Notably, DEX volume has reached $70 billion since the platform’s launch, which increased by 9.13% in the last 30 days.
Volume spiked in late March and early April when it averaged around $300 million daily, recovering from the March 22nd lows at $75 million. Cetus leads among the DEXs, boasting over $40 billion in cumulative volume, with Deepbook and FlowX following.
At the same time, Sui continues to maintain a stable position with approximately $1.2 billion in DeFi total value locked (TVL), ranking ninth among all chains. This ranking suggests that the chain still has potential for long-term growth.
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