Is SUI token ready for a breakout after a strong surge on the charts? – BitRss

• SUI ($2.95) token exhibited potential for a breakout, supported by rising trading volumes and a price surge
• Social dominance, Open Interest, and liquidation heatmap hinted at a bullish outlook for the altcoin’s price

Sui [SUI] token has recorded a significant surge in trading activity on the charts, hitting an impressive $350 billion in total swap volume at press time. 

This hinted at a 12.98% hike over the last 30 days. For its part, the altcoin’s price rose by 7.72% in the last 24 hours too, with the crypto trading at $3.05.

Will SUI break free from the descending channel?

At the time of writing, the altcoin appeared to be on the verge of breaking free from a descending channel. After several months of trading within this channel, SUI bounced from a critical support zone – indicating potential for a bullish reversal. 

The bounce suggested that SUI might be preparing for a northbound breakout if it can maintain its momentum. 

However, resistance levels at around $3.2 could pose a challenge. And, a failure to break through this barrier may result in another period of consolidation or southbound pressure.