Following a breakout from a prolonged consolidation phase, SUI’s price is showing renewed bullish momentum. This breakout comes after being capped within a range for nearly three months, with the broader crypto market recovering alongside Bitcoin’s rise above key levels. SUI has now started to outperform several altcoins, surpassing the psychological $1 mark.
The recent rally has propelled the SUI price above $1.10, leading traders to speculate whether this bullish momentum could trigger a further 20% upside move in the coming weeks.
SUI Price Breaks Above Multi-Month Consolidation Range
Analysis of the daily chart indicates that SUI has broken free from a long accumulation phase, trading within a wide range of approximately $0.85 to $1.03 since February. The recent breakout above the upper boundary of this consolidation zone suggests that bulls may be gearing up to initiate a new upward trend.
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The price has also reclaimed the crucial resistance zone near $1.05, which previously served as a significant support level before the broader correction phase. SUI is now aiming to flip the next important resistance at around $1.15, a level that could dictate the next phase of the rally. Additionally, the Chaikin Money Flow (CMF) indicator has shifted back into positive territory, indicating improved capital inflows and increased buyer participation during the breakout.
Key Levels to Keep an Eye On
- Immediate resistance: $1.15
- Major bullish target: $1.32
- Extended upside target: $1.40
- Immediate support: $1.05
- Strong support zone: $0.90
SUI Open Interest Surges Above $620 Million
The bullish momentum is further supported by the increasing derivatives activity. According to data from CoinGlass, SUI’s open interest has surged from around $450 million to over $620 million in recent weeks. This rise in open interest, coupled with the upward price action, suggests that traders are actively opening new positions as bullish sentiment strengthens around the token.
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The sudden surge in open interest coincides with SUI’s breakout above the consolidation range and its push towards the $1.15 resistance zone, indicating that growing speculative participation may be fueling the ongoing rally.
How High Can SUI Price Go This Month?
The breakout above the multi-month consolidation range suggests that bullish momentum could continue to build in the weeks ahead. With rising capital inflows and a surge in open interest, there is a possibility of a significant expansion move.
If bulls manage to turn the $1.15 resistance zone into support, the SUI price could potentially rally another 20% towards the $1.32 region this month. However, a failure to sustain above the reclaimed breakout zone near $1.05 might dampen momentum and lead to a renewed period of consolidation.
