SUI has demonstrated significant growth in the last month, with a 16.6% increase in price. Currently, SUI appears to be in the midst of another rally, soaring by 18.57%. This surge has propelled its trading volume up by 93.54% to reach $1.1 billion.
The recent upswing indicates a heightened market interest and suggests the potential for a sustained upward trend.
Positive Outlook for SUI
Analyzing the 4-hour chart, SUI is currently in a bullish phase, confirmed by a breakout above the downtrend line that originated on 13 October. This upward movement was triggered by a rebound from the support level at $1.6049.
If the upward momentum continues, SUI could reach as high as $2.3686, surpassing its October peak and setting a new high for 2024.
Conversely, if selling pressure intensifies, SUI may retreat, possibly following the descending trendline pattern.
Trader Sentiment Favors Buying SUI
On-chain analysis by CryptoCrypto suggests that the bullish trend for SUI is likely to persist without any immediate signs of a reversal. Data from Coinglass, including metrics on Open Interest and liquidations, further reinforce the potential for prolonged upward movement.
Open Interest, representing the total value of active Futures contracts, has surged by 17.22% to reach $519.50 million. This increase indicates a strong demand for long positions, enhancing the bullish sentiment and indicating the possibility of sustained price growth.
Moreover, with over $4.14 million in SUI short positions being liquidated in the last 24 hours, it is evident that the market is moving against traders betting on a price decline.
The combination of rising Open Interest and liquidated short positions strongly suggests that SUI’s upward trend could gather significant momentum in the upcoming trading sessions.
Insights from Liquidity Flow
Finally, the Chaikin Money Flow (CMF) indicator, which tracks liquidity flow to determine accumulation and distribution, indicates ongoing accumulation for SUI.
With the CMF in the positive zone, registering a reading of 0.13, it suggests that SUI’s price may continue to rise, potentially surpassing its previous high from 2024.