Sui price shows signs of recovery: Strong technical indicators and increasing DEX volume fuel bullish expectations

Sui price shows signs of recovery: Strong technical indicators and increasing DEX volume fuel bullish expectations

Sui price analysis: signs of an impending recovery

The crypto markets continue to be volatile, and the Sui price has also experienced challenges in recent weeks. Nonetheless, recent increased trading volumes on decentralized exchanges (DEX) as well as strong technical indicators suggest that a significant recovery could be on the horizon for the token.

On Wednesday, April 2, Sui price reached an intraday high of $2.51, up 5% from the previous day, before declining to $2.36. Despite this correction, Sui is down 9.97% over the past month from $2.89. On the positive side, however, the token was able to hold an important support zone, which could encourage a possible price increase.

SUI price prediction

This month, Sui has already found strong horizontal support in the $2.0-$2.2 range twice. This double confirmation could add additional momentum to the bullish impulse, meaning a breakout could be imminent. The development of the price near a descending trend line at around $2.5 is particularly crucial. If Sui successfully crosses this area, the price could break the 20-week exponential moving average at $2.9414.

A rise above this level would move the next price target to the resistance zone at $3.7. The relative strength index (RSI) is currently around 48, indicating that there is still room for the price to rise before the token is considered overbought. A successful breakout of the medium-term range could push the price to $5.20, which would be close to the year-to-date highs.

Fundamentals and market volume

The fundamentals for Sui reinforce the bullish outlook as the recent price increase corresponds with an increase in DEX volume. Notably, DEX volume has reached a total of $70 billion since the platform launched, up 9.13% over the last 30 days.

Trading volumes rose particularly sharply in late March and early April, averaging around $300 million daily after hitting a low of $75 million on March 22. Among DEXs, Cetus leads with over $40 billion in cumulative volume, followed by Deepbook and FlowX.

Sui also maintains its stable position with around $1.2 billion in total value locked (TVL) in the DeFi space, ranking ninth among all chains. This ranking suggests that the chain continues to have potential for long-term growth.

Overall, current developments and technical indicators show that, despite the challenges in recent weeks, Sui is well positioned to see positive price movements in the near future.