- Sui has entered a bullish trend with higher highs and lows, targeting $1.50-$1.80.
- Volume and open interest increases indicate growing market confidence and potential further gains.
Sui [SUI] is back in an uptrend in a high timeframe (HTF), with higher lows and higher highs indicating a potential bullish trend. Up 7.47% in the last 24 hours at the time of writing, Sui has regained momentum and was trading at $1.18.
This trend reversal has many traders wondering: is Sui poised for a significant rally? Let’s dive into the analysis and find out what’s next for SUI.
Is Sui forming a new bullish trend?
Sui’s price chart reveals a series of higher highs and higher lows, a classic indication of an uptrend. After recovering from a low around $0.60 earlier this year, SUI has posted steady gains, breaking through several key resistance levels.
This upward move indicates that bullish momentum is gaining strength, and market participants are now watching to see if Sui can maintain this momentum and climb higher in the coming weeks.
Source:
Can Sui break through the key resistance levels?
Sui is approaching significant resistance around $1.2047. If Sui can break this level, the next targets could range from $1.50 to $1.80. On the downside, support is at $1.1253, with a deeper support layer around $1.0459.
The big question is whether the bulls can get past these resistance zones to unlock a new bullish wave.
Source: TradingView
What does the volume and open interest say about Sui’s future?
Volume and open interest data indicate interest in Sui is growing rapidly. The token’s volume increased by 3.25% to $1.83 billion, while open interest increased by 11.86% and now stands at $331.21 million according to Coin glass data.
As these numbers rise, the prospects for Sui appear increasingly optimistic.
Source: Coinglass
Where are the main battlegrounds for bulls and bears?
Trading activity around $1.00 to $1.20 has intensified. This zone could serve as a crucial battleground between bulls and bears. If bulls can decisively push Sui beyond this range, the next significant upside could lead to a rally towards $1.50 and higher.
Realistic or not, here is SUI’s market cap in BTC terms
Sui’s breakout from key resistance levels, rising volume, and increased open interest all indicate that the token is gearing up for further gains.
However, the key question remains: can Sui break the resistance at $1.25 and trigger the next big rally? Only time will tell, but the stage is set for an exciting move into the market.
Credit : ambcrypto.com
