Sui Network (SUI) surges 16%, faces $1.17 resistance
The Essentials at a Glance
- SUI records a 16% increase within 24 hours.
- Open Interest reached its highest level in five months.
- The price surge could indicate a continuation of the upward trend.
- Resistance at $1.17 USD could present the next hurdle.
Strong Price Surge for SUI
On Thursday, the crypto market experienced a notable recovery, led by Sui Network (SUI), which gained 16% within 24 hours. At the time of writing, SUI was trading at $1.03 USD. This price increase coincided with a 53% rise in trading volume, indicating growing interest in the altcoin.
Technical Analysis: Is SUI Heading Upwards?
SUI is currently forming an ascending triangle, a technical pattern that often signals an impending breakout. The price has reached the upper boundary of this pattern, suggesting a possible continuation of the upward trend. According to the volume profile indicator, there is strong buying interest in this area, indicating that many traders are willing to acquire SUI at a higher price.
Another indicator pointing to a continuation of the upward trend is the Relative Strength Index (RSI), which is currently at 64. This means the market is not yet overbought, leaving room for further growth.
Resistance at $1.17 USD
The next significant resistance for SUI lies at $1.17 USD. Data from Hyblock Capital shows that a large number of liquidation orders are clustered at this price level. Should the price reach this level, consolidation could occur, unless buying interest remains strong enough to break through the resistance.
Open Interest at Peak Levels
Another sign of growing confidence in SUI is the open interest in the derivatives market. According to Coinglass, open interest surged by over 30% within 24 hours, rising from $217 million USD to $270 million USD. This marks the highest level in five months and suggests that many traders are building new positions, indicating optimistic market expectations.
Positive Funding Rates and Long Positions
Funding rates for SUI have also turned positive, indicating that traders are willing to pay for long positions. This confirms the bullish trend, as more market participants are betting on rising prices. Additionally, the ratio of long to short positions has reached its highest level in weeks, further strengthening confidence in continued price increases.
Our Assessment
SUI is currently showing strong signs of a continued upward trend. The rising open interest and positive market sentiment suggest that the price could continue to climb in the short term. However, resistance at $1.17 USD presents a critical hurdle. If this is broken, SUI could aim for the $2 USD mark. Traders should keep an eye on volatility and be prepared for potential consolidation phases.
Sources:
– CoinMarketCap
– TradingView
– Coinglass
– Hyblock Capital
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