🚀 Sui’s Price Set to Skyrocket? Unbelievable DEX Volume Spike! 📈

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In the cryptic world where digital coins flit about like so many headless chickens, our old friend Sui (SUI) has been having a bit of a spot of bother. The blighter’s value has taken a tumble, down a whopping 60% from its January zenith, which is rather like falling off a cliff in a top hat and monocle—it’s undignified and one’s hat gets squashed.

However, fear not, for the plucky little Sui, a zippy layer-1 blockchain, was last seen trading at a modest $2.66, which, if one adds it all up with a pencil and a lot of patience, gives it a market capitalization of over $7.35 billion. Rather a lot of pennies, what?

But DeFi Llama reports that Sui’s decentralized exchange (DEX) has been positively bustling this week, with protocols shifting a staggering $1.95 billion in volume—a 70% upswing from the previous week. It’s enough to make one’s monocle pop right out!

This little surge has propelled Sui to the seventh-largest DEX network by weekly volume, which is a bit like coming seventh in a six-horse race—absolutely spiffing!

Cetus has been leading the charge, with its weekly volume up by 70% to a cool $1.2 billion. Other chaps like Bluefin, DeepBook, Haedal, and Turbos have been putting on a good show too, with Bluefin leaping 62% to $483 million. It’s all very exciting, I assure you.

As for the nitty-gritty, Sui’s total value locked (TVL) has been as steady as a rock, sitting pretty at $1.26 billion, which ranks it as the ninth-largest blockchain by TVL. The bridged assets are valued at $1.77 billion, while the stablecoin market cap is at $721 million. It’s all rather impressive, like a well-organized sock drawer.

Sui Price Technical Analysis (Or How to Make Sense of the Madness)

The daily chart, which is as thrilling as a good detective novel, shows that the SUI token has been on a bit of a slide since its all-time high of $5.3647 in January. It bottomed out at $1.9690 in March, which is rather like finding oneself at the bottom of a very deep well—most disconcerting.

But fear not, for Sui has formed a falling wedge pattern, which is a bit like a diver preparing to spring back up to the surface. A breakout occurred around March 21, and since then, SUI has been trying to make a comeback, but it’s currently bumping its head against the 50-day moving average at $2.8285.

If the double-bottom pattern holds (which is a bit like a trapeze artist holding on for dear life), the Sui price might just dip back to the support level at $1.9690 before it potentially resumes its upward journey. A breakout above the neckline at $2.8285 would be like the trapeze artist letting go and landing perfectly on the other side—setting up a potential rally toward the 38.2% Fibonacci retracement level at $3.51. That’s a 57% jump, old bean!

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2025-04-04 19:27