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SUI Targets $6: The Role of 100 MA Support

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by Giorgi Kostiuk

3 months ago


SUI crypto continues to capture attention as it trades within a rising channel on the 12-hour chart. Analyst Jonathan Carter predicts a potential price increase to $6 if current support levels hold.

SUI Key Support Levels and Price Action

At the time of writing, SUI was trading at $4.55, with buyers defending the 100-period moving average (MA 100) around $4.20. This dynamic support aligns with the horizontal zone between $3.80-$4.00, traditionally attracting buying interest. Resistance levels are situated between $5.00 and $5.30. Breaking above this zone could open possibilities for testing the $6.00 level. The Relative Strength Index (RSI) is at 50, indicating neutral momentum with room for potential growth.

Derivatives Data and Market Activity

Data from Coinglass reveals mixed signals in the derivatives market. The 24-hour trading volume fell by 36.54% to $2.28 billion, while open interest increased by 4.04% to $1.33 billion. Rising open interest with lower volume implies traders are maintaining positions, anticipating significant price movements.

Long/Short Ratios and Liquidation Data

The market-wide 24-hour long/short ratio is 0.9897, showing no directional bias. However, exchanges Binance and OKX exhibit ratios of 2.0211 and 2.45, respectively, indicating a preference for long positions. In the past 24 hours, $4.07 million of positions were liquidated, with long positions ($2.05 million) and short positions ($2.02 million) being nearly equal.

Maintaining upward momentum for SUI relies on the $4.20 support level. A breakout above resistance could lead to testing $5.30 and $6.00 levels, which are closely monitored by market participants.

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