Sui price steady as DEX volume surges: could it hit $5?

Sui price continued its strong bull run with the help of strong network fundamentals, excitement and technicals.

The Sui (SUI) token has surged over 608% from its August low to a record high of $3.3347, making it one of the best-performing cryptocurrencies. Its rise helped push its market value to over $9.2 billion.

Sui’s rise builds on its strong foundations as developers and users embrace the network. Data from DeFi Llama shows that Sui has become the eighth largest layer 1 network for decentralized exchanges.

Transaction volume increased by 110% in the last seven days, reaching over $2.34 billion. It surpassed popular networks such as Optimism (OP) and Tron (TRX). The largest DEX networks on its platform are Cetus, Kriya, Turbos and DeepBook.

Sui’s DeFi assets have also increased over the past few weeks, reaching $1.27 billion, a sign that the chain is gaining momentum. It has also surpassed other popular chains like Avalanche, Hyperliquid, and Polygon.

While investors wait for the gaming ecosystem, the Sui price is also increasing. On Tuesday, November 12, the developers partnered with Wrapped Games, one of the industry’s fastest-growing game developers. This partnership comes a few months before Sui’s game console launch.

Sui price techniques point to more bullish SUI price chart | Source: crypto.news

The daily chart shows that the SUI token price has been on a steady rise over the past few months. It recently broke through the key resistance level of $2; this month the top of the cup and handle model. C&H is one of the most popular bullish signals in technical analysis.

Sui’s Market Value to Realized Value indicator has moved to 3.2, indicating that the market value is higher than the realized value. This is a sign that you have the momentum to continue to higher powers.

The Average Directional Index (ADX), a popular trend indicator, is pointing up and is above 30. SUI also jumped to the ultimate resistance of the Murrey Math Lines tool.

Therefore, there is a possibility that SUI will jump to $5 in the current bull run. For this to happen, it would need to increase by about 51%, which is also a possibility. This view will be invalidated if SUI token falls below the strong pivot reversal level at $2.34.