SUI Price Jumps 12% Following Phantom Wallet Support for Layer-1 SUI – Is $5 the Next Reach?

Highlights:

• SUI price rallies 12% to $4.15 as the market recovers. 
• This comes as Phantom Wallet adds support for Layer 1 Sui, allowing 15 million to interact with decentralized apps. 
• Coinglass data shows a recent spike in open interest and volume, indicating a potential upward trajectory in the SUI market.

SUI price is winning on the chart today, as it has flipped bullishly, soaring 12% to $4.15 as the crypto market recovers. The spike in interest has seen the trading volume soar 125% to $1.74 billion, signaling increased investor interest. 

This comes as Phantom Wallet adds support for Layer 1 Sui, allowing 15 million users to manage SUI tokens and interact with decentralized apps. This will enable users to exploit SUI’s unique features, such as its Move-based programming language and the vast world of decentralized finance. This increases Phantom’s power to provide a wide variety of blockchain services as it pushes into multi-chain support.

The Suinami is here 🌊

Starting today, we’re rolling out beta support for Sui so you can:

💧 Use Sui alongside Solana, Ethereum, Bitcoin, and Base
💧 Swap thousands of Sui tokens in Phantom
💧 Access your favorite @SuiNetwork apps pic.twitter.com/2eDduDYAo3

— Phantom (@phantom) January 29, 2025

SUI Statistical Data

Based on CoinmarketCap data:

• SUI price now – $4.15
• Trading volume (24h) – $1.74 billion
• Market cap – $12.37 billion
• Total supply – 10 billion
• Circulating supply – 3 billion
• SUI ranking – #13

Can SUI Price Sustain the Bullish Momentum?

The SUI price is trading well within a falling parallel channel; however, the bulls seem to be gaining momentum. SUI has rebounded from the $3.68 support level and is currently exchanging hands at $4.15, an impressive 12% gain. 

SUI is showcasing a surge in momentum, as the token has crossed above the 50-day moving average at $4.08. Immediate resistance is evident at $4.53, a psychological level that aligns with the 200-day MA. Should bullish momentum persist, SUI may breach the technical barrier, surging towards $5.

However, if the current rally wanes, SUI might plunge to its recent $3.67 support level within the parallel channel. A deeper correction could push it to $3.54, breaching below the channel’s lower boundary. 

A zoomed outlook at the RSI Divergence Indicator, hovering at 61.87, reflects heightened buying activity, reinforcing the bullish outlook. If this momentum indicator breaches the overbought threshold of 70, it will signal intensified buying pressure. Conversely, any downturn below 50 could weaken the bullish narrative, ushering in a consolidation phase or retesting lower support zones.

On the other hand, the MACD indicator upholds a buy signal, calling for traders to rally behind SUI. This is manifested as the blue MACD line has flipped above the orange signal line, indicating bullish sentiment. In other words, traders and investors are inclined to buy SUI unless the MACD changes. 

SUI Open Interest and Volume Surge

CoinGlass data shows an increase in open interest and volume, indicating heightened market activity. Open interest has soared 6% to $1.26 billion, and volume has skyrocketed 114% to $2.98 billion. This suggests that traders are entering positions, allowing new money to flow into the market, which may cause the SUI price to increase in the short term.