SUI is consolidating near $3.46 with strong bullish indicators. Will the dominance of long positions lead to a breakout rally toward $5.14?
As Bitcoin holds its ground above the $96,000 mark, altcoins are gaining momentum. With bulls taking control, the total crypto market has reached a capitalization of $3 trillion.
Among the top performers in the growing altcoin market, SUI has emerged as a standout. Currently trading at $3.46, SUI has a market capitalization of $11.61 billion.
Now ranked as the 11th-largest cryptocurrency, SUI recorded a 54% increase in April. Could this strong uptrend push SUI to a new all-time high?
SUI Price Analysis
On the 4-hour price chart, the SUI token is displaying a consolidation range between $3.41 and $3.83. Currently positioned at the lower boundary, SUI is showing signs of a potential bounce.
According to trend-based Fibonacci levels, the range boundaries align with the 0% and 23.60% levels. With a 1.42% surge in the past four hours, SUI is demonstrating bullish strength at the lower range, increasing the likelihood of a reversal.
The stochastic indicator shows a bullish crossover, and the MACD and signal lines are also approaching a crossover. This would signal a trend reversal and increase the probability of SUI retesting the upper boundary.
If SUI breaks out of the consolidation, the uptrend could target the 50% Fibonacci level at $4.28, followed by the ultimate price target of $5.14. On the downside, key support remains near the psychological level of $3.00.
Long Positions in SUI Nears 60%
As SUI holds within its consolidation range, the potential for a bullish breakout has driven an increase in long positions in the derivatives market. According to data from CoinGlass, the SUI long-to-short ratio has risen to 1.4734.
This indicates that 59.57% of positions in the past four hours have been long. With leveraged long positions increasing, SUI may be poised for a price surge.
Notably, SUI’s open interest has climbed by more than 6%, reaching $1.55 billion, while the funding rate has risen to 0.0159%. The elevated funding rate underscores strong bullish sentiment, suggesting a potential for an extended rally.
