Key Insights:
- SUI’s long-to-short ratio nears 1.9, showing strong bullish trader positioning on Binance and OKX exchanges.
- Weekly volume hits 76M, confirming active market interest as SUI trades within a rising channel near $3.7.
- Price bounced from $3.0-$3.5 support zone, eyeing resistance at $4.8 for potential breakout above $5.
SUI token has shown a strong price bounce recently, capturing the attention of many traders. The price rose from around $3.0 to above $3.6 within a short period. This move has led to discussions about whether SUI could soon challenge the $5 mark. Market data and trading activity offer insights into the current momentum and possible near-term price action for SUI.
SUI Price Shows Signs of Strength After Recent Price Recovery
The SUI token has been trading within a clearly defined ascending channel on the weekly chart. After touching the lower boundary of this channel, the price bounced back and is now near the middle to upper part of the channel. This suggests buyers are stepping in near key support zones.
A notable support area lies between $3.0 and $3.5, often referred to as the re-accumulation zone. This range has historically served as a buying zone where investors accumulate tokens before upward moves. Below this, a stronger support zone exists around $1.7 to $2.2, which has held in the past during larger pullbacks.
The price action near these support levels points to a healthy consolidation phase. Traders often view such zones as entry points for potential rallies. Current trading volume of around 76 million tokens per week also reflects active participation in these price levels.
Resistance and Potential Targets Ahead
On the upside, SUI faces resistance near $4.8, where the price has struggled to break through in previous attempts. This level acts as a key hurdle for bulls aiming for higher prices. Overcoming this resistance may open the path toward the upper boundary of the long-term ascending channel.
Projections suggest that after a short-term dip back to the re-accumulation zone, SUI could push above the $4.8 resistance.
The chart shows the potential for a strong bullish move that might propel the price toward $5 and beyond. If momentum continues, the token may even test levels as high as $10 to $15 in the longer term.
Trading indicators, such as candlestick patterns, support this view. Recent candles display higher lows and highs with some testing of resistance. The latest weekly candle showed indecision but maintained a slight positive bias, which often precedes upward breakouts.
Market Activity and Trader Sentiment
Trading volume for SUI derivatives has increased significantly, with the last 24 hours showing a 43% rise to $5.56 billion. Open interest has also grown modestly by 2.26%, indicating that more traders are entering or holding positions.
Data from Binance and OKX exchanges show a strong bullish sentiment among traders. On Binance, the long-to-short ratio among accounts is nearly 1.9, meaning there are almost twice as many long positions as short ones. Top traders hold even higher long ratios, suggesting confidence in further upward moves.
Liquidation figures further support this trend. More short positions have been liquidated recently compared to long ones, signaling that the price moves favor buyers. This pattern often leads to short squeezes, which can drive prices higher in the short term.
Market Capitalization and Supply Dynamics
SUI has a significant market presence because $12.37 billion makes it a large-cap cryptocurrency. With a circulating supply of just 3.33 billion, it means a large amount of the tokens are held in locked or uncirculated form. This could play a part in how new coins enter the market, mainly if there are many large unlock events.
If all 10 billion tokens were added to the supply, the fully diluted valuation would rise to $37.07 billion. This gap may lead traders and investors to assess potential inflation problems in their plans.
The trustworthiness and reliability level of the platform appear to be reasonable, according to its profile score of 70% from CoinMarketCap.