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.
The 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.
Further 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 surge to that level will mostly be confirmed if it rises above the ultimate resistance at $4.6875.
Before 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.
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