Date: Tue, Nov 05, 2024, 06:24 PM GMTThe cryptocurrency market is in high spirits today, with Bitcoin (BTC) trading close to the $70,000 mark, showing a 2.83% gain as U.S. elections kick off. Market sentiment has been positively influenced by the growing predictions of Donald Trump’s potential win, which has risen to 62.7%. Trump’s favorable stance on cryptocurrencies has spurred a positive market reaction, benefiting several assets.Among the gainers, <a href="https://coinsprobe.com/sui-holds-its-ground-amid-market-volatility-surpasses-26-million-active-accounts/" rel="noopener noreferrer nofollow">Sui (SUI)</a>, a prominent Layer-1 token, is standing out with an impressive surge of over 7% in the last 24 hours, breaking past the $2.00 mark.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/2d1c941acdb6452c90f755013c66df87.png" />Source: Coinmarketcap<h3 id="sui-hits-milestone-in-dex-trading-volume">SUI Hits Milestone in DEX Trading Volume</h3>A key factor fueling SUI’s recent rally is the impressive growth in its decentralized exchange (DEX) trading volume. According to a recent update by crypto analyst<a href="https://x.com/Torero_Romero/status/1853724487012745517" rel="noopener noreferrer nofollow"> &#64;Torero_Romero</a>, SUI Network has reached an extraordinary milestone, surpassing $26 billion in DEX trading volume, with a year-to-date increase of &#43;23 billion.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/0d61ee5773614aa69a2e84a9ef7451f4.png" />Source: &#64;Torero_Romero (X)This surge in trading volume indicates growing interest and activity around SUI, strengthening its bullish outlook.<h3 id="technical-analysis">Technical Analysis</h3>Current Price Action: SUI has recently broken out above a descending resistance line and is trading confidently above the $2.00 mark, signaling a strong bullish momentum.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/b6bcf5eec4f34f089b36925d7a4bdb1b.png" />Key Resistance and Support Levels:<ul><li>The immediate resistance level is around $2.15 (marked as &#34;R&#34; on the chart). If SUI breaks through this level, it could aim for the next target around its all-time high (ATH) near $2.36.</li><li>The key support level is positioned at $2.00 (labeled &#34;S&#34;), which now serves as both a psychological and technical support.</li></ul>Relative Strength Index (RSI): The RSI currently stands at 63.98, suggesting that SUI has further room to rise without reaching overbought levels. This indicates steady buying momentum.Volume Trends: The recent upward movement in price is supported by an increase in trading volume, which is a positive sign for sustaining further gains.<h3 id="are-more-gains-coming">Are More Gains Coming?</h3>Given the breakout above the resistance line, coupled with rising volume and a healthy RSI, SUI appears to be positioned for continued upward momentum. As long as the price remains above the $2.00 support level, a push toward the $2.20 resistance and potentially to ATH levels near $2.50 is within reach.<h3 id="conclusion">Conclusion</h3>With SUI crossing the $2.00 mark and showing robust momentum, coupled with its record-breaking DEX trading volume, the setup suggests potential for more gains in the near term. However, a pullback could occur if it faces resistance at $2.20. As long as SUI holds above the $2.00 support level, the outlook remains bullish.Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.Also Read:<a href="https://coinsprobe.com/floki-announces-dubai-takeover-with-wafi-mall-campaign/" rel="noopener noreferrer nofollow"> FLOKI Announces Dubai Takeover with WAFI Mall Campaign.</a>

SUI Hits $26B DEX Volume, Sparking a Green Run – Are More Gains Coming?

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