Foreign media reports indicate that SUI's on-chain data has recently rebounded, and its price has risen from the top of its previous consolidation range. The article argues that the simultaneous increase in network activity and price strength has led the market to refocus on whether it can further approach $1.
On-chain activity has rebounded.
The report noted that SUI's daily active users have recently rebounded, indicating a recovery in on-chain participation. In addition to wallet activity, transaction volume has also remained resilient, with the network processing approximately 1.7 billion transactions over the past year.
Daily transaction volume has mostly remained between 4 million and 6 million transactions, with a significant increase in recent trading days. According to the article, this means that even during periods of overall market volatility, user interaction with on-chain applications continues.
Prices approaching $0.85
SUI has risen approximately 1.5% in the past 24 hours, with the latest price around $0.77. The article suggests that the current price action is attempting to confirm a breakout from the symmetrical triangle consolidation range, and the market's next focus is the $0.84 to $0.85 resistance zone.
This area previously served as a key support level, but after the pullback in June, it has now become resistance. If the daily chart effectively closes above this range, the short-term trend may strengthen further.
- Current resistance level to watch: $0.84 to $0.85
- Near-term upside target: $0.97
- Market psychological threshold: $1
The article focuses on the strength of subsequent breakthroughs.
The article also mentions that the Relative Strength Index (RSI) continues to rise, indicating that buying momentum has strengthened; the Fund Flow Index remains in positive territory, suggesting that funds are still flowing into the SUI. According to the article, this means that the current upward trend is not entirely driven by sentiment, but rather has some underlying buying support.
However, if the price fails to break through the current resistance, SUI may retest the support around $0.71. Overall, the short-term direction still depends on whether it can hold above the $0.84 to $0.85 area.
