SUI surged 7.33% to $2.08 over the past 24 hours, breaking through a key resistance level when most of the crypto market was trading flat or sliding.
The move puts the token nearly 7% ahead of the CoinDesk 5 benchmark, marking a strong divergence that indicates specific demand for the token.
Despite the price rally, SUI’s trading volume remained below its 7-day average – an unusual pair that portends targeted accumulation, likely from institutional buyers or whales. During the breakout, volume briefly reached 44 million tokens traded, a 168% jump from its daily average, suggesting coordinated activity at key price levels.
SUI, which powers the layer 1 blockchain developed by Mysten Labs, has gained attention for its parallel transaction processing, a technical feature that enables faster performance at scale. While no major catalysts were made public Friday, analysts have recently cited SUI’s expanding architecture and ecosystem as potential drivers of long-term growth. Some have floated a price target of $5 by 2025.
Technically, the token built a series of higher lows – $1.93, $1.95 and $1.98 – culminating with the breakout above the psychological $2.00 mark. Resistance now lies at the $2.07 to $2.08 area, with the next upside target around $2.34. A stop-loss just below $1.96 could offer a favorable risk/reward ratio for traders betting on continuation.
Meanwhile, the broader CD5 index declined slightly from $1,731.12 to $1,729.63. A sharp decline earlier in the day briefly pushed the index to a session low of $1,700.39 before recovering. This contrast highlights SUI’s outsized strength in an otherwise cautious market.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team for accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
