Sui Price: Token Surges 21% as Coinbase Opens Trading to New York Residents

TLDR

• Sui (SUI) is now available for New York residents to trade on Coinbase, marking the first time users in this regulated market can access the token
• The token jumped 21% in 24 hours to $1.61 following the Coinbase listing announcement
• Sui recently launched USDsui, a new fiat-backed stablecoin designed for payments and DeFi applications
• The network completed an $86.86 million token unlock on November 30, releasing 55.54 million tokens without triggering a price drop
• Technical indicators show potential resistance at $1.67 with support holding at $1.60, while analysts eye $1.80 to $2.30 as next targets

Sui (SUI) is trading at $1.61 after climbing 21% in the past 24 hours. The move follows Coinbase’s announcement that New York residents can now buy, sell, and trade the token through its platform.

Coinbase Markets confirmed that SUI is available on Coinbase.com and both iOS and Android apps for users in New York. This marks the first time the token is accessible in one of the most regulated crypto markets in the United States.

The listing comes as Sui expands its ecosystem with new features. The network recently launched USDsui, a fiat-backed stablecoin built for real-world payments. The stablecoin includes yield-sharing capabilities and works across Sui wallets, apps, and DeFi protocols.

USDsui can bridge with other stablecoins on the network. The launch is designed to strengthen payment infrastructure on the Sui blockchain.

The network also completed a token unlock on November 30. The unlock released 55.54 million tokens worth $86.86 million into circulation. Despite the increase in supply, the price moved higher, showing continued demand for the token.

Technical Levels and Market Structure

The token fell from mid-October through late November, dropping to around $1.12. It recovered to $1.59 by the end of November before the latest push to $1.61.

The MACD indicator shows the momentum line approaching the signal line with a positive histogram. The RSI moved from below 30 to 34.89, indicating reduced selling pressure.

Crypto analyst Ali pointed to $1.60 as a key support level. Holding this level could allow the token to target higher prices in the near term. The next resistance sits at $1.67.

Breaking above $1.67 would confirm the recent bounce. From there, analysts see potential movement toward $1.80 as the next level. Further upside targets range from $2.00 to $2.30 if momentum continues.

Supply and Demand Zones

Support on the downside sits at $1.58, with a stronger demand zone below that level. A drop under $1.48 would signal a potential local top and possible reversal.

Liquidity data shows clusters above the current price. Long liquidations around $1.40 to $1.50 may need to clear before another upward move.

Sui is a layer-1 blockchain focused on high-speed transactions and developer tools. The network competes with other smart contract platforms in the decentralized applications space.

The Coinbase listing gives New York users regulated access to SUI for the first time. Coinbase’s compliance with state regulations provides a secure trading environment for local investors.

Bitcoin’s recent price action is influencing SUI’s movement. December has historically been a positive month for crypto assets, which could support continued upside.

The token is trading near $1.61 with volume remaining elevated after the Coinbase announcement.

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