Sui Rallies Nearly 10% in Bullish Breakout

Sui (SUI), the native token of the Sui network, rose nearly 10% in the past 24 hours after several catalysts over the past week pushed the token in a breakout zone.

The token delivered a bullish performance, climbing to $3.24 from $2.94 with a trading range of $0.34 that reflects 11.5% volatility, according to CoinDesk Research's technical analysis model. It built substantial upward momentum featuring notable volume surges at $2.99 and $3.10, demonstrating strong institutional accumulation and validating these breakout points as high-volume foundation levels.

Critical resistance materialized at $3.27 where the price encountered reversal amid heightened volume, while support stabilized within the $3.20-$3.21 zone during late trading hours, indicating possible accumulation positioning for continued upward movement.

The bullish momentum comes after several catalysts for the token, including the launch of Threshold Network's tBTC, an ERC-20 token backed 1-to-1 by bitcoin, on the Sui blockchain earlier this week which could potentially add over $500 million in bitcoin liquidity to the Sui network.

Sui ranks among the top five layer-1 networks, with daily volume up about 135% versus the market’s average of 52%, according to data on Coinbase. The token has risen more than 340% in the past 12 months, outpacing the broader crypto market as measured by the CoinDesk 20 Index, which rose about 2.8% over the same period.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.