SUI rose 7.33% to $2.08 in the last 24 hours, breaking above a key resistance level, while most of the crypto market remained flat or fell.
The move placed the token nearly 7% ahead of the CoinDesk 5 benchmark index, marking a strong divergence that points to specific demand for the token.
Despite the price jump, SUI’s trading volume was below its 7-day average, an unusual combination that hints at targeted accumulation, likely by institutional buyers or whales. During the breakout, volume briefly spiked to 44 million tokens traded, a 168% jump over its daily average, suggesting coordinated activity at key price levels.
SUI, which powers the Layer 1 blockchain developed by Mysten Labs, has drawn attention for its parallel transaction processing, a technical feature that enables faster performance at scale. While no major catalyst was publicly revealed on Friday, analysts have recently cited SUI’s architecture and expanding ecosystem as potential long-term growth drivers. Some have proposed a price target of $5 by 2025.
Technically, the token has built a series of higher lows ($1.93, $1.95, and $1.98) culminating in the break above the psychological $2 mark. Resistance now lies in the $2.07 to $2.08 area, with the next bullish target around $2.34. A stop-loss just below $1.96 could offer favorable risk/reward for continuation traders.
Meanwhile, the broader CD5 index fell slightly, falling from $1,731.12 to $1,729.63. A sharp decline early in the day briefly pushed the index to a session low of $1,700.39 before recovering. The contrast underscores SUI’s enormous strength in an otherwise cautious market.
Disclaimer: Portions of this article were generated with the help of artificial intelligence tools and reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s full AI Policy.
