SUI Surges 5% as Momentum Fades

SUI has seen a significant price increase, rising by 5% in the last 24 hours to trade at $1.20.

This surge has pushed the token above its major moving averages, including its 7-day, 20-day, 50-day, and 200-day simple moving averages.

The move is seen as a sign of structural rotation into the Layer-1 space, with SUI capturing a meaningful piece of the bid.

However, momentum indicators are starting to show signs of weakness, with the MACD line and signal line converging at near-identical readings and the histogram printing at essentially zero.