Date: Tue, Nov 26, 2024, 06:22 PM GMTAfter a sharp correction earlier today, the cryptocurrency market is showing signs of recovery. While Bitcoin (BTC) dropped by over 3% to hover around the $92,000 mark, several Layer-1 tokens are defying the trend. <a href="https://coinsprobe.com/ftm-and-sei-holds-bullish-ground-despite-market-correction-whats-ahead/" rel="noopener noreferrer nofollow">Fantom (FTM) and Sei (SEI)</a> posted impressive gains, and now Sui (SUI) is also joining the recovery rally, surging over 6% to currently trade at $3.38.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/5d4847f35e2c4ce4b3c14606727f20cf.png" />Source: Coinmarketcap<h3 id="dex-trading-volume-milestone">DEX Trading Volume Milestone</h3>In a significant development, Sui Network surpassed $32 billion in cumulative decentralized exchange (DEX) trading volume today. This represents a year-to-date growth of $29.92 billion, showcasing the network’s increasing adoption and the growing interest in its decentralized ecosystem.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/46eb5c36397c49e49f25df938110359d.jpeg" />Source: <a href="https://x.com/Torero_Romero/status/1861334327381868754" rel="noopener noreferrer nofollow">&#64;Torero_Romero (X)</a>This milestone underscores the robust on-chain activity driving Sui&#39;s network expansion, further solidifying its position as a key player in the Layer-1 blockchain space. Such strong fundamentals are providing a solid base for SUI’s price to recover amid broader market corrections.<h3 id="is-a-breakout-on-the-horizon">Is a Breakout on the Horizon?</h3>On the 4-hour chart, SUI is consolidating within a descending channel pattern, trading around $3.40. This pattern indicates that SUI is in a temporary pullback phase, and a breakout from the channel could signal a strong reversal rally.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/1a9ce09633584967990fe26afd5514ea.png" /><h4>Breakout Potential</h4><ul><li>If SUI breaks above the upper trendline of the descending channel, it could trigger a bullish reversal. The next major resistance level lies at $3.97, offering a potential 16% upside from the current price.</li><li>Beyond $3.97, the token could target $4.20, which would further confirm a strong uptrend.</li></ul><h4>Support Level</h4><ul><li>The lower boundary of the descending channel, around $3.00, acts as key support, helping to prevent further declines.</li><li>A break below this level could push SUI toward the $2.84 support zone, which has historically attracted significant buying interest.</li></ul><h4>RSI Analysis</h4>The Relative Strength Index (RSI) on the 4-hour timeframe is currently at 51, indicating neutral conditions.<h3 id="what-s-next-for-sui">What’s Next for SUI?</h3>With its strong fundamentals, including today’s DEX trading volume milestone, and a promising technical setup, SUI is showing potential for a breakout. Traders should keep a close eye on theupper trendline of the descending channel, as clearing this could lead to a sustained bullish rally.However, the descending channel and neutral RSI suggest that SUI may consolidate further before making a decisive move. The next few trading sessions will be crucial in determining whether the token can break out of its current range or face renewed downward pressure.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/ftm-and-sei-holds-bullish-ground-despite-market-correction-whats-ahead/" rel="noopener noreferrer nofollow">FTM and SEI Holds Bullish Ground Despite Market Correction: What&#39;s Ahead?</a>

SUI Hits Major Milestone in DEX Trading Volume: Is A Breakout On The Horizon?

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