Sui (SUI) is gaining fresh market interest following one of its most significant breakouts in months, surging sharply while most large-cap altcoins remain in a stagnant range.
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The recent 31% increase was prompted by a series of timely developments, most notably Coinbase’s approval to facilitate SUI trading for New York residents, placing the token within one of the U.S.’s most strictly regulated crypto markets.
This rally coincided with one of the largest token unlocks of the month, an event that typically suppresses prices, but instead saw buyers come in with considerable force.
SUI's price trends upward following a sharp decline as indicated on the daily chart. Source: SUIUSD on Tradingview
New York Listing Enhances Liquidity and Institutional Interest
SUI experienced a surge of between 25% and 32% over the last 24 hours after Coinbase confirmed that New York residents can now purchase and trade the token on its web and mobile platforms.
This approval bolsters SUI’s position in one of the U.S.’s most closely monitored markets, enhancing its status as a compliant layer-1 network and increasing accessibility for institutional investors.
The listing comes at a significant time. On December 1, SUI unlocked around $82–86 million worth of tokens, increasing the circulating supply by over 0.5%. Large unlocks typically exert downward pressure on prices, but SUI responded by moving higher, indicating robust demand absorption.
Trading volume has more than doubled to nearly $1.5 billion, which analysts interpret as a sign of genuine accumulation rather than transient speculation.
The launch of USDsui, a fiat-backed stablecoin intended for payments and DeFi applications within the Sui ecosystem, also fueled renewed interest. Together with Coinbase’s expansion, these factors have bolstered confidence in Sui’s broader market positioning.
SUI Technical Indicators Indicate Momentum Shift
Current price movements indicate that SUI has recently bounced back from November’s lows around $1.12, surpassing the $1.60 support zone.
Indicators like RSI and MACD now point to decreasing selling pressure and a potential shift in short-term momentum. Analysts suggest that a break above the mid-Bollinger Band near $1.90 would confirm a more extensive trend reversal.
SUI has also crossed above the Keltner mid-band for the first time in several weeks, with volume delta readings showing strong spot-market buying activity.
The next significant resistance lies between $1.80 and $1.95, followed by a broader range extending to $2.30. A decisive close above $1.92 is considered crucial for negating November’s downtrend.
Rally Relies on Sustained Volume
Market observers state that the ongoing rally depends on sustained demand. If daily trading volume stays above $1.5 billion and prices maintain the $1.60–$1.67 support range, institutional participation might continue to drive the token upward toward the $1.90 mark.
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Conversely, diminishing volume or a drop below $1.48 could indicate that SUI has reached a local peak. At this moment, sentiment remains positive as the token benefits from enhanced U.S. accessibility, improving technical indicators, and increased activity within its ecosystem.
Cover image from ChatGPT, SUIUSD chart from Tradingview
