The series of charts for SUI/USDT crypto on different time frames showed a mix of bullish momentum with potential underlying instability from the weekly chart.
The weekly timeframe for SUI has been bullish but showed signs of being overbought, leading to potential volatility.
SUI’s key resistance levels were noticeable at $4.80, where if the daily candle closed above this price could significantly turn market sentiments bullish.
This appearance of a clean bearish divergence on the RSI and a lack of buying pressure near the upper resistance suggested that a correction could be imminent.
This suggested a medium-term view of potential downward correction before another upward movement could be established.
Specifically, the $3.00 highlighted as a crucial support area for potential long entries, indicating a significant level where traders could look for bounce-back opportunities.
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However, SUI’s price chart warns of a potential drop if prices fail to sustain above this support zone.
In the shorter time frames, including the 4-hour and 30-minute charts, SUI navigated through significant fluctuations, possibly preparing for a further downtrend as indicated by narrowing channels and price struggling to maintain the bullish trend lines established in the previous sessions.
This comprehensive view across various time frames prepared a breach above $4.80 for a bullish confirmation or a fall towards $3.00, hinting at a buying opportunity or further decline.
In December, SUI showed resilience, outperforming its counterparts with a bullish close at 21% higher.
TON, SOL, APT, and SEI, however, recorded losses of 15%, 17.75%, 31.74%, and 36.11% respectively, marking a bearish phase.
SUI’s relative strength indicated potential for sustained growth, diverging positively from the broader market trend.
SUI Crypto DEX Trading Volume at New ATHs
December witnessed a new peak in monthly DEX trading volume, surpassing November’s $8,020,920,954 with a significant increase to $10,451,493,286.
This marked the seventh consecutive month of record-setting volumes, highlighting a robust trading activity trend.
This consistent uptrend indicated SUI’s growing dominance and bullish sentiment in the DEX space.
Notably, the volume spike around mid-December points to increased trader engagement, possibly influenced by market-moving events or significant crypto ecosystem developments.
This surge in volume suggests that investor confidence in DEX platforms, particularly SUI, remains strong.
SUI Traders Bet on Longs?
On dYdX, an overwhelming 77% of traders took long positions on SUI, significantly contrasting with other major platforms where sentiment was more balanced.
Binance and OKX saw an even split, with both longs and shorts hovering around 50%. This disparity illustrated a unique confidence in SUI’s price increase potential on dYdX, possibly driven by specific market conditions or platform-specific factors at the time.
The data indicated that while the broader market maintained cautious optimism, dYdX traders were notably bullish on SUI, suggesting a strong belief in its uptrend compared to other exchanges.
This could signal potential future gains if the sentiment holds.
