- SUI’s active addresses surge, reaching 1.4 million, signaling strong adoption and demand.
- Buy volume outpaces sell volume, showing bullish sentiment and potential for price recovery.
- Breaking $3.6 could push SUI to $4, but failure may lead to $3.24.
Sui—SUI, has struggled to hold momentum after hitting $4.3 three weeks ago. Selling pressure has pushed the price down to $3.35, reflecting a 0.42% dip in daily charts. Weekly and monthly charts also show declines of 1.14% and 23.71%, respectively. Despite these losses, strong fundamentals hint at a possible recovery. The rising number of active addresses could fuel renewed interest in SUI, potentially setting the stage for a breakout.
Active Addresses Hit a Three-Month High
User activity on the SUI Network has surged, marking a significant milestone. Daily active addresses have climbed to 1.4 million, reaching levels unseen since November 2024. A spike in new and returning users further confirms increasing adoption. Artemis data highlights a jump in daily new wallets, hitting 1.1 million for the first time since October 2024.
Returning wallets have remained steady at 346,600, showing strong organic demand. Historically, a rise in active users has signaled bullish momentum. Increased network engagement often leads to higher demand, which can push prices upward. If this trend continues, SUI could see stronger price action in the coming weeks.
Buyers Take Control as Demand Increases
Technical indicators suggest that buyers are regaining control after a period of selling pressure. Buy volume has surpassed sell volume by 2.2 million, with 8.64 million in purchases compared to 6.44 million in sales. Rising exchange outflow further supports bullish sentiment.
Spot netflow has dropped to -1.84 million, meaning more SUI tokens are leaving exchanges than entering them. Investors may be holding onto their assets, reducing immediate selling pressure. Funding rates have remained positive for three days, signaling optimism.
Long positions are in high demand, with traders willing to pay premiums to maintain them. If buying pressure persists, SUI could reclaim $3.6 and challenge the $4 resistance. A successful breakout may strengthen the rally, but failure to hold gains could lead to a retest of $3.24 before another upward move.
