- Sui entered an uptrend with higher highs and higher lows, targeting $1.50-$1.80.
- Increases in volume and open interest indicate growing market confidence and potential further gains.
Follow (SUI) is back in a higher time frame (HTF) uptrend, with higher lows and higher highs signaling a potential uptrend. Up 7.47% in the last 24 hours at press time, Sui has regained momentum and is trading at $1.18.
This trend reversal has many traders wondering: Is Sui ready for a significant rally? Let’s dive into the analysis and find out what’s in store for SUI.
Is Sui forming a new uptrend?
The Sui price chart reveals a series of higher highs and higher lows, a classic indication of an uptrend. After rebounding from lows around $0.60 earlier this year, SUI has made steady gains, breaking through several key resistance levels.
This upward move signals that bullish momentum is gaining momentum, and market participants are now looking at whether Sui can maintain this momentum and climb higher in the coming weeks.
Source: X
Can Sui break through key resistance levels?
Sui is approaching a significant resistance around $1.2047. If Sui manages to break above this level, the next targets could be between $1.50 and $1.80. On the downside, support lies at $1.1253, with a deeper layer of support around $1.0459.
The big question is whether the bulls can break above these resistance zones to unleash a new bullish wave.
Source: TradingView
What do the volume and open interest say about Sui’s future?
Volume and open interest data suggest that interest in Sui is growing rapidly. The token’s volume increased by 3.25%, reaching $1.83 billion, while open interest jumped by 11.86%, now sitting at $331.21 million according to Coin data.
With these numbers rising, the outlook for Sui looks increasingly optimistic.
Source: Coinglass
Where are the main battlegrounds between bulls and bears?
Trading activity around the $1.00-$1.20 range has intensified. This area could serve as a critical battleground between the bulls and the bears. If the bulls manage to push Sui decisively beyond this range, the next significant upside could lead to a rally towards $1.50 and beyond.
Realistic or not, here is SUI’s market cap in terms of BTC
Sui’s breakout from key resistance levels, increasing volume, and rising open interest all suggest that the token is gearing up for further gains.
However, the key question remains: Can Sui break through the resistance at $1.25 and trigger the next big rally? Only time will tell, but everything is set for an exciting move in the market.
