SUI, a layer 1 blockchain, recently experienced a remarkable 20% price hike, trading at around 5.27 USD. This surge comes amid a broad market downturn affecting MAJOR assets like BTC and ETH. Increased activity from investors fueled SUI’s price rise, resulting in a significant spike in trading volume.

Long-term holders are selling SUI tokens, indicating potential profit-taking, as approximately 15.60 million USD flowed into exchanges. This shift hints at possible selling pressure, yet SUI maintained its strength above 5 USD. The controlled release of 82 million tokens also contributed to the price Movement.

SUI broke a crucial resistance level at 4.90 USD, closing above 5 USD. Despite a chance of a price correction, analysts forecast a further 10% increase, reaching 5.75 USD. Strong interest from traders and recognition from notable figures like Cardano’s founder bolster this optimistic outlook.