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

Sui price maintained its strong bull run, helped by strong network fundamentals, hype, and technicals.

Sui (SUI) token soared to a record high of $3.3347, up by over 608% from its lowest level in August, making it one of the best-performing cryptocurrencies. Its surge has helped to push its market cap to over $9.2 billion. 

Sui’s surge is based on its strong fundamentals as developers and users embrace the network. Data by DeFi Llama shows that Sui has grown to become the eighth biggest layer-1 network for decentralized exchanges. 

Its transaction volume rose by 110% in the last seven days to over $2.34 billion. It has passed popular networks like Optimism (OP) and Tron (TRX). The biggest DEX networks on its platform are Cetus, Kriya, Turbos, and DeepBook.

Sui’s DeFi assets have also risen in the past few weeks to hit $1.27 billion, which is a sign that the chain is gaining traction. It has passed other popular chains like Avalanche, Hyperliquid, and Polygon. 

Sui price is also jumping as investors anticipate its gaming ecosystem, On Tuesday, November 12, the developers partnered with Wrapped Games, one of the fastest-growing game developers in the industry. This partnership came a few months ahead of Sui’s gaming console launch.

Sui price technicals point to more upside

The daily chart shows that the SUI token price has been in a steady upside in the past few months. It recently crossed the important resistance level at $2, the upper side of the cup and handle pattern this month. C&H is one of the most popular bullish signs in technical analysis. 

Sui’s Market Value to Realized Value indicator has moved to 3.2, signaling that the market value is higher than the realized value. That is a sign that it has momentum to continue powering higher. 

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

Therefore, there is possibility that SUI will jump to $5 in the current bull run. For this to happen, it needs to rise by about 51%, which is a possibility. This view will become invalid if the SUI token falls below the strong pivot reverse level at $2.34.