Currently, SUI futures open interest has reached a record $1.2 billion, making it a significant cryptocurrency in the market. This article explores how it affects the SUI price and the trends observed.
What is Futures Open Interest?
Futures open interest refers to the total value of open long and short positions in the futures market. A rising open interest typically indicates that traders are expecting volatility.
Current Levels and Trends of SUI
At the moment, SUI is trading at $3.88, after a slight pullback from recent highs above $4.00. The trend remains bullish, as SUI is trading significantly above the 200-day moving average, currently at $3.24.
SUI Price Prediction
If SUI successfully breaks above the $4.00 resistance, the next price target could be in the range of $4.50–$4.80. However, if the price fails to hold at $3.80–$3.85, a decrease towards support around $3.50 may occur.
Considering the current open interest levels and technical indicators, SUI shows signs of accumulation. If market conditions remain stable, a move towards $5.00 seems increasingly likely.
