Is Sui Price About go Parabolic After Crossing $60B DEX Milestone?
Sui price saw 12% recovery rally on Thursday as the mood in the crypto industry improved after the FOMC meeting. Another reason for this swift uptick could be the project’s integration with the Phantom wallet and its DEX protocols surpassing the $60 billion volume milestone. Does this mean a parabolic rally awaits SUI token? Can SUI Price Rally Higher Supported by DEX Volume, Phantom Integration? As noted above, the double-digit recovery in Sui price can be attributed to the project’s decentralized exchange volume hitting $60 billion this week. According to Defi Llama data, SUI’s DEX volume has soared to a monthly high of $11.95 billion. This milestone is higher than the previous record of $11.45 billion in December 2024. Most importantly, the volume has made cumulative monthly gains of $62 billion since August last year. The rising DEX volume is a fundamental development that denotes investors are actively using the SUI blockchain. From a mid-to-long-term outlook, this value accrual could propel SUI prices higher. Sui DEX VolumeThe value of Sui also jumped after the integration with the Phantom wallet, a leading platform with over 15 million users. Users can now use SUI alongside Solana, Ethereum, Bitcoin, and Base, and also swap thousands of tokens. SUI Phantom AnnouncementFurther data shows that Sui’s DeFi ecosystem is doing well, and the total value locked (TVL) has soared to $1.8 billion. This makes it a bigger player in the DeFi industry than popular layer-1 and layer-2 chains like Avalanche, Aptos, Polygon, Cardano, and Cronos. Sui Price Forecast As Chart Sends Mixed Signals The Sui price peaked at $5.36 earlier this month and then erased some of the previous gains. It dropped to a low of $3.50, the 38.2% Fibonacci Retracement level and the top of the trading range of the Murrey Math Lines tool. Sui then formed a small morning star candlestick pattern, a popular reversal sign explaining why it has bounced back. It has moved above the 100-day moving average and the first support of Andrew’s pitchfork tool. Therefore, Sui price has more room to go before getting to its all-time high of $5.36. A bullish Sui price forecast to that level will mostly be confirmed if it rises above the ultimate resistance at $4.6875. SUI price chartBefore that happens, there is a risk that the ongoing rebound is a dead cat bounce (DCB). This bounce, also known as a bull trap, is where a crashing asset rebounds briefly and resumes the downward trend. This DCB will be confirmed if it drops below this week’s lowest point at $3.50. Such a move will likely lead to more downside, possibly to the major S&R point at $3.125. Frequently Asked Questions (FAQs) Crossing the $60 billion milestone is a good thing for the Sui blockchain. However, it is still too early to determine whether it will help to push the Sui price higher. Sui’s uptrend will be confirmed if surges above the ultimate resistance at $4.68 and the middle line of Andrew’s pitchfork tool. These moves will raise the possibility of it moving to a record high of $5.36. Some of the most notable parts of the Sui ecosystem are networks like Cetus, Bluefin, DeepBook, and Kriya. crispus Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com. Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.