As the cryptocurrency market stages a robust recovery, the SUI layer-1 blockchain emerges as a promising contender for a significant rally. With its on-chain metrics suggesting a potential buy signal, SUI has captured the attention of investors and traders alike. Since the beginning of September 2024, SUI has exhibited remarkable growth, surging by an impressive 175%. This has led to heightened interest and substantial investments in this layer-1 token.
SUI Technical Analysis and Upcoming Levels
According to technical analysis from CoinPedia, SUI is demonstrating a bullish trend. It recently broke through a formidable resistance level of $2.01, setting its sights on an all-time high. This breakthrough, accompanied by the daily candle closing above the resistance level, has paved the way for an upward rally.
Historical price momentum suggests that SUI has the potential to climb significantly, possibly reaching new highs in the near future. Despite the market’s recent volatility, SUI maintains an upward trajectory, trading above the 200 Exponential Moving Average (EMA) on a daily timeframe, reinforcing its bullish stance.
Bullish On-Chain Metrics
SUI’s optimistic outlook is further bolstered by its on-chain metrics. Coinglass, an on-chain analytics firm, reports that SUI’s Long/Short ratio stands at 1.688, the highest it has been since September 2024. This unprecedented ratio indicates a strong bullish sentiment among traders.
Moreover, SUI’s future open interest has seen a notable increase, rising by 21% in the last 24 hours and 4.2% in the past four hours. This surge in open interest suggests that traders are favoring long positions over short ones. Presently, 62.8% of top traders hold long positions, while 37.2% maintain short positions, reflecting a widespread belief in SUI’s potential for significant growth in the coming days.
When combining these on-chain metrics with technical analysis, it becomes evident that bulls are currently influencing the asset, providing the momentum required to fuel SUI’s anticipated upward rally.
SUI’s Current Price Momentum
At the time of writing, SUI is trading near $2.05, experiencing a notable price increase of over 13.1% within the last 24 hours. During this period, its trading volume has surged by 26%, demonstrating increased engagement from traders and investors amid the ongoing market recovery.
With these factors in play, SUI’s trajectory appears promising, capturing the attention of the cryptocurrency community as it continues to navigate the dynamic market landscape.
