The cryptocurrency market is undergoing a remarkable recovery, and amid this resurgence, SUI, a layer-1 blockchain, is positioning itself for a significant rally. With impressive growth of 175% since the start of September 2024, investors and traders are increasingly placing big bets on this promising token.
SUI Technical Analysis – Breaching Resistance
According to technical analysis from CoinPedia, SUI’s price action is looking bullish. Recently, the token breached a strong resistance level at $2.01, paving the way for an impending surge toward its all-time high. The recent breakout, coupled with the daily candle closing above this key resistance, has cleared the path for a potential upside rally.
Historical price momentum supports the argument for a substantial increase in SUI‘s value. The token remains in an uptrend, trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating a strong bullish signal for investors.
Bullish On-Chain Metrics Bolster Confidence
SUI’s positive outlook is further reinforced by its on-chain metrics. Data from the analytics firm Coinglass reveals that SUI’s Long/Short ratio has reached 1.688, the highest level since September 2024. This record-high ratio indicates robust bullish sentiment among traders, suggesting a strong belief in SUI’s growth potential.
Moreover, SUI’s future open interest has surged by 21% in the last 24 hours and 4.2% over the past four hours. This uptick in open interest is a strong indicator that traders are increasingly favoring long positions over short ones. Currently, 62.8% of top traders are holding long positions, while only 37.2% are taking short positions. This overwhelming bullish sentiment suggests that traders anticipate significant gains for SUI in the coming days.
Combining these on-chain metrics with technical analysis shows that bulls are currently in control. The prevailing market dynamics favor an upward trajectory, setting the stage for SUI’s forthcoming rally.
Also Read: XRP’s Wild Ride – From $3.92 To $0.5329—Will The SEC Lawsuit Ignite A Bullish Breakout?
Current Price Momentum – A Surge in Trading Activity
As of now, SUI is trading near $2.05, having experienced a price surge of over 13.1% in the past 24 hours. This substantial increase in price is further complemented by a 26% rise in trading volume, indicating heightened participation from traders and investors. The growing engagement reflects renewed confidence in the asset amid the ongoing recovery in the broader cryptocurrency market.
With its impressive growth, bullish technical indicators, and strong on-chain metrics, SUI is poised for a significant rally. Investors and traders looking for opportunities in the recovering cryptocurrency market should keep a close eye on this layer-1 blockchain as it moves toward new heights. As market sentiment continues to improve, SUI’s upward momentum appears unstoppable, making it a key player to watch in the evolving crypto landscape.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
