The entire cryptocurrency market is experiencing a strong recovery. Amid this, the SUI layer 1 blockchain is expected to rebound sharply as its on-chain indicators give a potential buy signal. SUI has shown an impressive growth of 175% since the beginning of September 2024, and now investors and traders are betting heavily on this layer 1 token.
SUI technical analysis and upcoming levels
According to CoinPedia’s technical analysis, SUI appears bullish as it recently broke above the strong resistance at $2.01 and is currently heading towards a new all-time high. The recent breakout, coupled with a daily chart close above the resistance, clears the way for an upside rally.
Based on historical price momentum, there is a good chance that the SUI will surge sharply and make new highs in the coming days. Despite the recent ups and downs in the market, the SUI remains in an uptrend as it is trading above the 200 exponential moving average (EMA) on the daily timeframe.
Bullish On-Chain Indicators
On-chain metrics further support the positive outlook for SUI. According to data from on-chain analytics firm Coinglass, SUI’s long/short ratio currently stands at 1.688, the highest level since September 2024. This record-breaking ratio indicates that traders are strongly bullish on the market.
Moreover, its future open interest has increased by 21% in the past 24 hours and 4.2% in the past 4 hours. The increase in open interest suggests that traders may be betting more on long positions than short positions. Currently, 62.8% of the top traders hold long positions, while 37.2% hold short positions. This suggests that traders believe that SUI could surge significantly in the coming days.
Combining these on-chain indicators with technical analysis, it appears that bulls are currently dominating the asset and could potentially support an upcoming upside rally in SUI.
SUI Current Price Momentum
At press time, SUI is trading near $2.05, with prices up more than 13.1% over the past 24 hours. During the same period, its trading volume has surged 26%, indicating increased participation from traders and investors amid the ongoing market recovery.
