Sui (SUI) on the Verge of Breakout: Analysts Eye $2.40–$8 Price Range

The world of perpetual trading is heating up, and the token is rapidly establishing itself as a hotbed for innovation in the next generation of derivatives. Developers are taking advantage of the high-performance infrastructure that the Sui Network provides in order to think differently about execution, liquidity, and risk management. With the increase in demand on the chain, the token is allowing for innovation that exceeds the capabilities of other blockchains.

This includes how teams such as Aftermath Finance, Astros, Bluefin, FlowX Finance, and Zofai Perps structure their strategy regarding the token. One thing that became apparent through this process is that Sui’s parallel processing and object-based structure open up perpetual market options that are either impossible or impractical at this time on other platforms due to the dynamic evolution of derivatives markets.

Also Read: SUI Holds Key Support as Analysts Track a Move Toward $5 Resistance

Sui’s On-Chain Activity Signals Growing Confidence

However, the data from the Sui Community revealed that the market is also taking notice of the token due to the acceleration of on-chain actions. In the past 24 hours, the decentralized exchanges recorded a trading volume of $316 million. Investing or trading through smart contracts indicates the actual usage of the network because the money is being used instead of being held on a centralized platform.

Source: X

Side by side with the spot markets, the derivatives market registered a volume of $249 million, which is an indication of increased participation from sophisticated market players. When the demand on the blockchain increases on all fronts, it acts as an indication of increased confidence in the scalability and performance of the ecosystem of the blockchain itself.

Sui Approaches a Make-or-Break Technical Inflection Point

Moreover, it is pointed out by Sui Insider that the token is about to reach a crucial spot from a technical standpoint as it tests the midpoint of a long-term channel that is trending downward. This spot is commonly seen as a turning area for both trending and non-trending markets. A three-day breakout formation is currently taking shape.

Source: X

If the token manages to turn this center of resistance into support, various targets have been mentioned. The first level of resistance is located at $2.40, and this is followed by resistance at $3.30 and the round number of $5.00. A strong break above this level may open the door to the target of $8.00.

Also Read: SUI Signals Trend Reversal; Bullish Momentum Suggests $8 Price Target