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Homeweb3.0SUI Price Holds Above Crucial Support Level, Technical Indicators Display Positive Trends

Sui (SUI) price held its position above the crucial support level of $2.26. It remained within an ascending channel pattern during this period.

SUI Price Holds Above Crucial Support Level, Technical Indicators Display Positive Trends

The price of Sui (SUI) has held crucial support levels and managed to stay within an ascending channel pattern. This analysis comes as a popular technical indicator used by traders displayed a positive trend.

Along with on-chain data revealing a whopping $73.85 Billion in stablecoin movements on the network and strong capital flows, the setup could open the door for more gains.

Here’s a closer look at the latest technical analysis and on-chain data for SUI.

SUI Crypto Price Analysis: Bollinger Band Indicator Shows Promise

On the 4-hour chart, the SUI crypto price traded at $2.2751, remaining above the key ascending channel support at $2.26.

This channel began influencing the SUI token days ago, with the lower boundary consistently triggering upward price movements. As long as SUI manages to stay above $2.26, it could continue pushing towards the $2.50 range.

This level has previously marked the peak of previous SUI price rallies. The upward momentum is still active as buyers managed to defend the $2.24–$2.26 zone.

However, a wider perspective across the 3-day timeframe displayed a potentially significant pattern. According to crypto analyst ZAYKCharts, SUI token has been moving within a falling wedge, a pattern that often signals an upcoming trend transformation.

SUI token previously broke out of this pattern design during mid-2023 and then again towards the end of that year. The price breakout events from these points led to substantial market rallies.

After escaping the wedge pattern twice, SUI price went up to $7.00, resulting in a 221% increase from its present market value.

Wedge patterns indicate reduced selling pressure and tighter price movements. These conditions usually lead to strong upward breakouts once volume provides validation.

On-Chain Activity Data

The attention this token has been receiving isn’t surprising given the activity on-chain.

Torero_Romero notes that SUI’s transfer volume surpassed TON, reaching $73.85 Billion, while TON’s transfer volume remained at $49.46 Billion.

Stablecoin transactions indicate economic activity on the blockchain, used for payments, DeFi, and swaps.

SUI’s transaction volume has seen a dramatic increase recently. This rapid upward trend highlights that users and platforms prefer this token for fund transfers.

Compared to TON, which leverages Telegram’s vast community and influence, SUI’s network growth is even more evident.

Capital Inflows Into Network

SUI was among the top three chains for capital inflows in the past 24 hours, according to Artemis data, placing it just behind Base and OP Mainnet. This surge highlights growing interest and stability in SUI price.

The network’s inflow of funds outpaced its outflow, signaling increasing trust, liquidity, and network participation. In contrast, Ethereum experienced the biggest outflow of funds.

This shift might be due to users seeking more efficient and rapid systems, moving away from more expensive older networks.

Blockchain capital inflows drive network activity through various initiatives, such as new application launches, boosting user engagement and improving staking activity.

SUI’s recent price movement showcases these inflows fueling greater stablecoin volume and positive chart signals.

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