SUI, the native token of the Sui Network, briefly surged over 5%, reaching a high of $3.39 early on June 3 before pulling back to around $3.30, reflecting broader market volatility driven by geopolitical tensions and global economic policy shifts.
What to Know
- Initial Rally: SUI climbed from $3.27 to $3.39, fueled by bullish momentum and strong trading volume exceeding 14.6 million.
- Volatility Range: The move represented a 5.2% intraday volatility swing, showcasing heightened trader activity during Asia and early U.S. hours.
- Current Price: At the time of reporting, SUI is consolidating at $3.30, with prior resistance at $3.29-$3.30 now flipping to support.
Technical Overview
- Resistance Zone: $3.37–$3.39 remains a key barrier. This level coincides with the intraday high and marked a reversal point as volume started to taper.
- Support Zone: $3.29–$3.30 is establishing itself as a solid short-term base, previously acting as resistance before the breakout.
- Trend Structure: Price action indicates a bullish structure with higher lows, signaling a likely completion of the accumulation phase.
- Market Context: Ongoing global trade disputes are injecting uncertainty into risk markets, with SUI mirroring sentiment shifts across the crypto sector.
Market Insight
SUI’s price breakout from its consolidation phase suggests renewed bullish sentiment, although profit-taking and macro-driven caution caused a partial retracement. The technical outlook remains constructively bullish as long as price holds above $3.29, with momentum possibly resuming on a clean break above $3.39.
Traders should watch for a decisive close above $3.39 for potential continuation toward $3.50+.