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SUI trading volume surged as the price gained significant momentum after rebounding from a local low near $2.5. This price movement indicates that as volatility decreases, the price is healthily accumulating while maintaining higher lows since the local bottom. This rally was led by the Walrus Protocol mainnet launch, a popular decentralized storage network supported by the SUI blockchain. Therefore, the price is expected to rise another 25% and climb above $3 before the quarterly close.
Since early trading, the SUI price has soared over 6% to 7%, surpassing giants like Shiba Inu and Hedera. With this, the token has become one of the top-tier layer-one cryptocurrencies, potentially experiencing a 100x surge in the upcoming bull market cycle. The token underwent a massive retest and shows tremendous buying opportunities at these levels. Thus, this indicates that the SUI price increase has just begun, and a new ATH can be expected in April 2025.
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After a sharp drop from the high point, the price has been consolidating within the descending wedge broken in the previous trading day. Opening bullish, mainly above the wedge resistance, the uptrend is expected to continue until its conclusion. Additionally, RSI is incrementing, and DMI shows a bullish crossover. However, ADX continues to plummet, indicating reduced rebound momentum. Therefore, the SUI price may remain consolidated near the local resistance zone around $2.8 and $2.85 until the platform receives substantial buying volume.
The SUI price has significantly retraced and broken through the main support area, so the rebound is expected to attract significant liquidity to the platform. Moreover, the Walrus Protocol mainnet launch is viewed as a primary catalyst that could sustain the rebound momentum long-term. Thus, the SUI price has begun breaking out and is expected to rise above $3 by month-end. Accordingly, the price is anticipated to maintain a strong upward trend and create new highs in the coming days.
