SUI crypto has demonstrated significant growth, breaking through resistance levels and establishing new targets on the charts.
Symmetrical Triangle Breakout
Analysts observed that the SUI crypto price broke out of a symmetrical triangle on the daily chart, indicating a bullish trend. The breakout occurred above the 0.786 Fibonacci level at $4.26, confirming a shift in trend direction. Target levels for the upward movement were set at $5.28, $6.96, and $8.04. A daily candle close above $4.30 confirmed the breakout, with $3.68 now acting as key support for the ongoing rally.
Surge in Volume and Open Interest
Recent derivatives data highlighted a sharp increase in trading activity for SUI crypto. The total derivatives volume increased by 12.39%, amounting to $7.34 billion in the last 24 hours. An increase in volume during a breakout typically strengthens the credibility of the price movement. Additionally, open interest rose by 8% to $2.72 billion. Liquidation data over the past 24 hours revealed a total of $5.51 million in liquidations, with long positions accounting for $2.71 million, while shorts recorded $2.80 million.
Strengthening Bullish Momentum
Following the confirmed breakout, analysts are monitoring the $5.28 level as the next key resistance. A break above this level would open the path to higher targets such as $6.96 and $8. As of now, SUI is trading at $4.22, up 5% over the past seven days. Its 24-hour trading volume surged by 18% to reach $2.59 billion.
SUI crypto is poised for further upward movement if it holds above key support and resistance levels, which could lead to more bullish gains.
