There is a notable recovery in the overall cryptocurrency market, and amidst this positive trend, the SUI layer-1 blockchain is on the verge of a significant rally. On-chain metrics are indicating a potential buy signal for SUI, which has seen a remarkable growth of 175% since the start of September 2024. This has attracted the attention of investors and traders who are placing big bets on this layer-1 token.
SUI Technical Analysis and Upcoming Level
According to CoinPedia’s technical analysis, SUI is displaying a bullish trend as it recently surpassed a strong resistance level of $2.01 and is now aiming for an all-time high. The breakout and the daily candle closing above the resistance level have paved the way for an upward rally.
Given the historical price momentum, there is a strong likelihood that SUI could experience a significant surge and reach new highs in the days ahead. Despite the market’s recent fluctuations, SUI continues to trend upwards by trading above the 200 Exponential Moving Average (EMA) on a daily timeframe.
Bullish On-Chain Metrics
SUI’s positive outlook is reinforced by on-chain metrics. According to the on-chain analytics firm Coinglass, SUI’s Long/Short ratio currently stands at 1.688, the highest since September 2024. This ratio indicates a strong bullish sentiment among traders in the market.
Furthermore, the future open interest for SUI has seen a 21% increase in the past 24 hours and a 4.2% increase over the last four hours. This rise in open interest suggests that traders are favoring long positions over short positions. Presently, 62.8% of top traders hold long positions, while 37.2% hold short positions, indicating a strong belief in the potential for SUI to surge in the near future.
By combining these on-chain metrics with technical analysis, it is evident that bulls are currently in control of the asset and have the capability to drive SUI towards its anticipated upward rally.
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SUI’s Current Price Momentum
As of now, SUI is trading around $2.05 and has witnessed a price increase of over 13.1% in the past 24 hours. Concurrently, its trading volume has surged by 26%, indicating heightened engagement from traders and investors amidst the ongoing market recovery.
