SUI Coin Price in Pullback Territory: Can It Hit $7 Mark in January?

Since September, the Sui (SUI) has displayed a strong bullish rally and escalated by 540%. The chart structure suggested that the SUI price has been rising in a format with higher highs and higher lows.

SUI crypto marked a significant achievement last week by surpassing Arbitrum in decentralized exchange (DEX) volume for the first time. On January 5, 2025, Sui’s DEX volume reached $405,353,494, while Arbitrum’s was $360,931,092.

This development showcases Sui’s increasing user engagement and liquidity. Moreover, it highlights the token’s growing prominence in decentralized finance (DeFi).

Sui’s DEX volume spike is an event of importance to those engaged in the DeFi space. It could indicate a shift in power among the leading DEX platforms, which may influence future prices and innovation in the field.

SUI Coin Price In Pullback Zone: Can It Hit $7 Mark In January?

SUI crypto is currently trading at $5.06 with a 24-hour price increment of 6.55%. The market capitalization stands at $12.23 Billion, and the 24-hour trading volume is $2.17 Billion.

After receiving buying pressure in the pullback (higher High) zone, SUI has managed to defend the 20-day EMA. It might be a bullish signal once the price defends the 20-day EMA; here, traders and investors might be confident.

Based on the chart structure, the price is setting up for a decent bullish rally. The SUI coin might hit the $7 mark by the end of January amid this bull run.

On the contrary, if the SUI price dives below the 20-day EMA, it might bring fear among buyers. Once it holds below the 20-day EMA, strong selling pressure can be observed due to profit booking.

SUI Price Analysis Amid DEX Volume Spike

The technical indicators suggest that the SUI price is poised for a potential rebound, especially as the token has defended the 20-day EMA amidst a recent price pullback.

If the bullish momentum continues, there is a strong possibility that Sui could reach the $7 mark by the end of January. However, a drop below the 20-day EMA could instigate selling pressure.

This article is intended for informational purposes only and does not constitute financial, investment, or other advice. The author or any people mentioned in this article are not liable for any financial loss that may result from investing in or trading. Please conduct your own research before making any financial decisions.