- SUI is holding strong above the $3.30 support zone, showing signs of a potential breakout toward $4.63 and possibly $6.
- Despite some short-term resistance and weakening momentum, bullish derivatives activity suggests growing trader confidence.
SUI price is showing resilience as it clings to the crucial $3.30 demand zone, sparking renewed optimism among traders eyeing a breakout toward $6. After a modest 0.19% gain in a relatively quiet crypto market on Tuesday, SUI’s ability to hold above this key support and its 50-day EMA at $3.38 has many wondering if a bullish reversal is on the horizon.
Price Action Signals Cautious Optimism
SUI’s recent price movement forms a classic falling wedge breakout pattern, suggesting buyers are trying to take control. The coin successfully broke past the 23.60% Fibonacci retracement level at $3.30 but is facing resistance near $4.29, indicating some hesitation to push higher. The daily RSI’s dip below the overbought midpoint hints at weakening momentum, yet the asset hasn’t lost all steam just yet.
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A critical secondary test at $3.30 and rejection of lower prices signal that bulls remain active. If SUI manages to surpass the local resistance trendline, the next target could be the 38.20% Fibonacci level around $4.63. More bullish confirmation could propel SUI toward the 50% Fibonacci retracement near $6 — a psychological milestone and potential new all-time high.
On the downside, strong support lies near the 200-day EMA, approximately at the $3 level. A failure to hold here might lead to a deeper correction, but for now, the bulls seem ready to defend this line.
Derivatives Market Backs Bullish Sentiment
The derivatives data supports a cautiously bullish outlook. Open interest in SUI derivatives rose 2.10% to $1.81 billion, and funding rates increased by over 20%, suggesting heightened trader confidence. Despite a recent shakeout causing $2.45 million in long liquidations (versus $595K in shorts), bullish traders remain undeterred.
This surge in derivatives activity signals strong market participation and anticipation of an upward price move. Many traders appear ready to jump in if SUI confirms its breakout above key resistance levels.
What’s Next for SUI?
While short-term momentum is shaky, the technical setup combined with increased bullish derivative interest paints a hopeful picture for SUI. If it can sustain its hold above $3.30 and push past $4.29, the path toward $6 becomes increasingly plausible.
Investors should watch the $3.30 demand zone and 50-day EMA closely in the coming days, as defending these levels is critical for the bulls to maintain control and aim for higher targets.