SUI open interest hits five-month high, price jumps 16% – $2 next target?

SUI rises strongly

SUI has been a standout performer in the cryptocurrency market rally, rising 16% in 24 hours to trade at $1.03. Market interest in altcoins has increased significantly, with SUI’s trading volume surging by 53%.

bullish breakout

The rise in SUI is mainly driven by the following factors:

Ascending Triangle Pattern: Volume spiked when SUI price touched the upper boundary of the ascending triangle pattern on the daily chart. This shows that traders are bullish on SUI and are willing to buy at a premium.

Relative Strength Index (RSI): The current RSI is 64, indicating that despite heavy buying, the SUI is not overbought and still has room to rise. Price Resistance: SUI faces potential resistance at $1.17. There are heavy liquidation orders at this level, which could lead to price consolidation.

Open interest hits high

Open interest in SUI rose from $217 million to $270 million in 24 hours, a five-month high. This shows traders’ confidence in the current uptrend. Funding rates also turned positive, suggesting more traders are adding to long positions.

Summarize

SUI’s strong performance and surge in open interest could push the price further higher, with a possible target of $2. However, resistance near $1.17 could challenge the uptrend. Investors need to pay close attention to market dynamics to prepare for possible fluctuations.

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