Big news for the Sui coin community as the announcement for wrapped Bitcoin on Sui Bridge sends its DEX volume to pre-market crash highs while SUI token prices rallied 15%.
A number of developments have taken place on the Sui network, and they have all had a significant impact on its price action.
The most recent was the announcement by the Sui Foundation that Sui Bridge would now facilitate the transfer of wrapped Bitcoin from Ethereum.
The announcement spurred the growth of value locked on the Sui network back to the pre-market crash and late December 2024 levels –well above $600 Million.
The news, alongside a recovering crypto market, also helped the SUI Token price surge by more than 15%.
The swift rebound confirmed earlier SUI price forecasts, all indicating that it will likely continue uptrending as it integrates more projects and increases adoption by the crypto community.
How High Can It Go – Will SUI Coin Break Above $5?
SUI has proved its resilience in the past by surviving two bearish events. First was the price dilution of the altcoin after 64.19 million SUI tokens were unlocked and added to its circulating supply on 1st Feb.
The $2 Billion market crash triggered by Trump tariffs followed a day later, pushing SUI price below the critical $3 support level and forcefully liquidating millions of dollars worth of SUI trades.
From a technical analysis perspective, SUI coin is perfectly primed for a strong rebound that can help it break above the current all-time high of $5.35.
Various indicators are also bullish on SUI price action, especially the MACD histogram on the 4-hour time frame that has been printing green bars consistently.
Further, the MACD line is approaching the signal line from below after convergence, which is a pointer for strong bullish momentum.
SUI bulls have, over the last 24 hours, helped the token recapture the $3.00 support level.
At the time of writing, the layer-1 blockchain token is trading around $3.70, and the bulls seem determined to help it breach the $4.00 resistance level.
Should SUI tear through this level, nothing stands in the way of its path toward and possibly well past $5.
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