SUI Surges 4% as Active Addresses Increase and $1.7M Trading Competition Drives Activity

SUI, the native token of the Sui blockchain, has experienced notable market activity over the past 24 hours, with its price trading in the $3.82–$3.91 range and posting a gain of approximately 3.7%–4.2%. Trading volumes remain robust, with figures reported between $906 million and $1.01 billion, and the market capitalization stands around $13 billion, reflecting a positive short-term trend supported by increased network engagement and institutional interest.

The recent price increase is attributed to several key factors. Technical indicators show SUI breaking above previous resistance levels, with strong bullish momentum and a Relative Strength Index (RSI) near overbought territory. On-chain data highlights a 12% rise in daily active addresses and a 9% increase in large transactions, suggesting heightened user activity and possible accumulation by large holders. Additionally, the announcement of a $1.7 million SUI Ecosystem Trading Competition and broader optimism in the crypto market, driven by institutional inflows into crypto ETFs and positive performance in technology stocks, have contributed to increased demand and trading activity for SUI. While the outlook remains bullish, traders are advised to monitor resistance around $4.00 and watch for potential short-term pullbacks.