SUI Trading Volume Hits $615 Million, Surpassing Avalanche as Price Gains 4%
2025-02-05
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SUI price has been up roughly 4% in the last 24 hours but has remained down 30% over the past month. Despite slight recovery, its technical indicators still point to an overall bearish setup, with both the Ichimoku Cloud and EMA lines suggesting strong resistance ahead.
However, SUI continues to show impressive trading activity, ranking as the sixth-largest blockchain by daily volume, ahead of Avalanche and Polygon. Whether SUI can sustain this momentum and reclaim $4 in the coming days will depend on its ability to break key resistance levels and confirm a trend reversal.
SUI Is Now The 6th Largest Chain In Terms of Daily Volume
SUI blockchain daily volume reached $615 million in the last 24 hours, making it the sixth-largest blockchain by volume. This puts it ahead of well-established networks like Avalanche, Hyperliquid, Polygon, and Tron, signaling strong market activity.
While SUI is a relatively new player, its ability to generate such a high volume suggests growing interest from traders and investors.
Tracking daily volume is crucial for blockchains as it reflects user engagement, liquidity, and overall demand. Despite attracting $615 million in daily volume, SUI still has far fewer protocols than older networks like Avalanche and Polygon.
This suggests that while its ecosystem is not yet as developed, the strong trading activity could drive more projects to build on SUI, potentially accelerating its adoption and growth.
Ichimoku Cloud Pictures a Bearish Setup for SUI
The Ichimoku Cloud chart shows that the SUI price is currently trading below the cloud, indicating that the broader trend remains bearish. The cloud itself is thick and sloping downward, suggesting strong resistance overhead and a continuation of the downtrend if momentum doesn’t shift.
The conversion line (blue) has recently turned upward and is attempting to cross the baseline (red), which could be an early signal of potential short-term bullish momentum. However, the lagging span (green) is still below the price and the cloud, reinforcing that the longer-term trend has not yet shifted bullish.
The future cloud is also forming a bearish structure, with its leading span A (green) below leading span B (red), showing that bearish momentum still dominates.
Despite the recent price jump, the cloud remains a strong resistance zone, and unless the price can break above it and confirm a trend reversal, the overall sentiment remains cautious. The fact that SUI price is hovering near the lower edge of the cloud suggests a period of consolidation before a clearer trend direction emerges.
SUI Price Prediction: Can SUI Reclaim $4 In The Next Days?
SUI EMA lines remain bearish, with short-term moving averages still below the longer-term ones despite the recent price surge. This suggests that while momentum has improved, the overall trend has not yet reversed into a clear uptrend.
If the current bullish momentum continues, SUI price could test $3.94, and a breakout above that level could lead to a move toward $4.25. A stronger trend shift could push the price even higher, potentially reaching $4.76 or $5.14 in the coming weeks.
However, as both the Ichimoku Cloud and EMA structure indicate, the broader market sentiment for SUI is still bearish. If the price fails to maintain its current momentum and tests support at $3.35, losing that level could lead to a further drop below $3.
In that scenario, SUI price could decline toward $2.97, and if selling pressure remains strong, it might fall as low as $2.38. Until a decisive trend shift occurs, the market remains in a cautious phase, with both upside and downside possibilities in play.