Key Points:
- The price of SUI jumped 14% to $4.26 amid ETF speculation and strong indicators in the charts.
- The cryptocurrency’s trading volume rose by 146%, showing rising retail and institutional interest.
- A possible SUI ETF and its expanding metrics like TVL and open interest support long-term growth.
SUI crypto market is heating up, and the token’s price has been climbing strongly recently. After weeks of trading sideways, the SUI price finally broke through some of its most important resistance levels.
Moving ahead, it has surged 14% to $4.26. This strong move came amid speculation around an SUI ETF. Also, the tide has shifted in favor of the bulls.
Bullish Pattern Points to More Gains for SUI Crypto Price
One of the main drivers behind the current rally is a cup-and-handle pattern forming on the daily chart of SUI crypto. This pattern often comes before strong upward moves. Technical analysts now believe the SUI price could rise as high as $10 in the long run.
As of writing, the token is trading well above its 50-day EMA of $3.05. The RSI is also around 61.3, which means that SUI still has room to run before hitting overbought levels.
The next short-term resistance currently sits around $4.34. At the same time, higher targets at $5.36 and $6.36 are possible based on Fibonacci extensions.
In short, the technical setup looks promising. As long as bulls maintain control, there’s plenty of upside left on the table. The buzz around a possible SUI ETF is another reason for the sudden surge in the SUI crypto price.
The U.S. SEC recently acknowledged a filing from 21Shares for an SUI-based ETF. While an approval isn’t guaranteed this early, the nod from the SEC alone has been a source of optimism about the future.
SUI Crypto Gains Stronger Foundations
Beyond price charts and ETF news, SUI Crypto is also growing rapidly as a platform. The TVL in SUI-based defi platforms recently hit $2.33 billion per DefiLlama. With this, projects like Suilend and NAVI are leading the charge.
SUI is also expanding its reach with cross-chain integrations. Interestingly, the NEAR Protocol has enabled intent-based cross-chain access. This means that it is now easier for users to move between networks.
Short Squeeze Could Drive Quick Price Spike
According to data from Coinglass, the SUI price has liquidation clusters between $4.40 and $4.60. Short sellers could be forced to buy back their positions if the price enters this range.
It could also create a short squeeze. That could quickly push the SUI price past the psychological $5 barrier.
The long/short ratio also stands at 51% in bullish positioning. At the same time, SUI’s trading above the 23.6% Fibonacci retracement level at $3.85 offers a solid support floor. This support could become reality if the market unexpectedly pulls back.
SUI crypto has traction and support and could register a quick price burst if the bulls stay in control. A breakout towards $5 or more is very much in play at this time.
Token Unlocks Pose Short-Term Supply Pressure
While the outlook is bullish, investors should be aware of upcoming token unlocks. SUI has unknowingly led all cliffs for the week, with 44 million tokens. These tokens are worth around $189.6 million, or about 1.27% of the token’s circulating supply.
In addition, 3.01 million SUI tokens are released daily through linear unlocks. This added another $13 million worth of supply each day. While predictable, these releases could create temporary selling pressure as some holders may rush to take profits.
Still, the market has shown strength despite challenges. If the demand stays strong, the new supply could be absorbed without a major crash in price.
The crypto market favors SUI, with Bitcoin recently rebounding from $114,500 to $117,000. If a confirmed breakout occurs above $4.20, SUI looks ready for further gains, possibly toward $5.36 or even $6.36.
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