SUI (SUI), the native token of the SUP network, has increased by almost 10% in the last 24 hours after several catalysts in last week pushed the token in an escape zone.
The token delivered an upward performance, climbing $ 3.24 against $ 2.94 with a negotiation range of $ 0.34 which reflects the volatility of 11.5%, according to the Technical Analysis model of Coindesk Research. It built an boom in substantial increase with significant volume overvoltages at $ 2.99 and $ 3.10, demonstrating a strong institutional accumulation and validating these rupture points as a high volume foundation levels.
The critical resistance materialized at $ 3.27 when the price encountered an overthrow in the middle of an increased volume, while the support stabilized in the zone of $ 3.20 to $ 3.21 during the hours of late negotiation, indicating a possible positioning of accumulation for a continuous increase movement.
The bullish momentum comes after several catalysts for the token, including the launch of the TBTC of Threshold Network, an ERC-20 token supported 1 to 1 by Bitcoin, on the blockchain followed earlier this week, which could potentially add more than $ 500 million in Bitcoin liquidity to the SUP network.
SUP ranks among the first five layers of layer 1, with a daily volume up approximately 135% compared to the market average of 52%, according to Coinbase data. The token has increased by more than 340% in the last 12 months, exceeding the wider cryptography market, measured by the Coindesk 20 index, which increased by around 2.8% over the same period.
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