SUI price jumps 8.3% to $3.60 with a golden crossover. Can it reach the $6 ATH as network activity and trader interest surge?
With a bullish comeback for altcoins, SUI is among the fastest to gain momentum in the market. Currently, the SUI price is $3.60, reflecting an intraday gain of 8.3%.
As a golden crossover accompanies SUI’s bounce-back, bulls are anticipating a major rally. Could this lead to a new all-time high at the $6 mark?
SUI Price Analysis
Bouncing off the 23.60% Fibonacci level at $3.30, SUI has made a strong recovery. After a period of consolidation and indecisive price action in recent weeks, the broader market rebound has helped pump the SUI token.
With a new bullish engulfing candle, the SUI token shows signs of a positive reversal from the $3.30 level. Additionally, the recent golden cross between the 50-day and 200-day EMA lines continues to serve as a bullish signal.
The ongoing recovery now hints at a bullish crossover between the 50-day and 100-day EMA lines, potentially restoring full positive alignment. As the uptrend builds momentum, the Chaikin Money Flow Index stands at 0.21, indicating a strong capital inflow. With a previous high near 0.40, the indicator suggests more room for growth.
SUI Price Targets
According to trend-based Fibonacci levels, the continued upside in SUI faces immediate resistance at the 38.20% level, which is around $4.63. However, if the bullish trend persists, the retracement pattern also points to a potential new all-time high at $6.
On the downside, key support levels include the 200-day EMA at $2.84, followed by psychological support at $2.
SUI Network Expansion Continues
As the market price climbs, the SUI network continues to expand rapidly. According to SUIScan, the SUI network has surpassed 10 billion total transactions. Meanwhile, total value locked (TVL) has reached $1.729 billion, inching closer to a new all-time high near $2 billion.
The total number of accounts has exceeded the 180 million milestone, reflecting sustained network growth.
Derivative Traders Go Long on SUI
Amid the surge, trader interest in SUI’s derivatives market has spiked. Open interest has risen 6.12% to reach $1.60 billion. Over the past 24 hours, heavy seller liquidations have wiped out $4.41 million in short positions.
Fueling the likelihood of further short liquidations, long positions over the past 24 hours have climbed to 52.78%, pushing the long-to-short ratio to 1.1177. This reflects a shift toward bullish sentiment among derivative traders.
