The SUI token experienced a significant price surge, breaking above a crucial technical resistance level with gains exceeding 6% as of the latest reports. This breakout ended a prolonged consolidation period that started on May 10, marking a vital bullish shift for the altcoin.
Analyses based on CryptoQuant's 90-day cumulative volume delta (CVD) indicate strong buyer dominance in the spot market, signaling that demand is currently outpacing selling pressure. Historically, spikes in CVD have preceded major price rallies. However, despite this bullish case, spot trading volumes for SUI have shown signs of cooling, suggesting a possible reduction in market conviction among participants. This volume decline may result in short-term consolidation or a retest of the breakout zone before further upward movement.
Additionally, the SUI token recently surged approximately 4.7% on triple its average trading volume amid renewed bullish momentum. This price movement happened concurrently with ongoing trade discussions between the U.S. and China, which have introduced market uncertainty and driven investors toward alternative assets like cryptocurrency. Key support for SUI was established around $3.24, with resistance near $3.336, and the $3.30 mark serving as an important pivot point for potential further gains.
Overall, if bulls maintain the breakout level and trading volumes pick up again, SUI could target the psychological $4 level in the near term. Conversely, continued cooling in spot activity may prompt temporary sideways movement as the market seeks another catalyst to sustain momentum.