- SUI surged 4.34% in 24 hours to $3.02, with the market cap hitting $10.4 billion.
- Breakout from the ascending triangle targets $3.74, while the cup and handle hints at $6.
- Open interest rose 16% to $1.39B; TVL climbed to $1.842, boosting investor confidence.
SUI is rapidly emerging as one of the top-performing cryptocurrencies, recording strong upward momentum. Currently trading at $3.02, the altcoin has gained 4.34% over the past 24 hours and 13% in the last week. With a market cap of $10.4 billion, SUI is drawing heightened market attention.
After bottoming out in the $2.3–$2.4 range, SUI confirmed expectations of consolidation within the $2.9–$3.1 resistance band. The bullish trend was triggered by a breakout from an ascending triangle pattern on the 4-hour chart.
Also Read: SUI Price Set to Soar — Top Analysts Reveal Shocking Targets Up to $6.85!
Analysts Eye $3.74 Target as Chart Turns Bullish
Analysts suggest that this ascending triangle has bullish implications, and a breakout suggests the rally may extend. The analyst has opened a long position, targeting $3.74, a level aligned with historical resistance zones. Technical indicators, including increasing volume, support this bullish outlook as SUI continues its upward momentum.
SUI’s recent price surge aligns with broader crypto market gains. Bitcoin and Ethereum also posted modest increases, but the token appears to be outperforming its peers. The formation of a cup and handle pattern, a reliable bullish setup, is fueling hopes of further price appreciation and possible breakout confirmation soon.
SUI Cup and Handle Pattern Points to $6 Potential
SUI has broken above the upper resistance of the handle’s descending channel, which could confirm a massive rally. This technical pattern projects a potential 107% upside, targeting a price near $6 if the current candle closes strongly above resistance. The setup indicates a possible all-time high is within reach.
Momentum indicators are in favor of the bulls. The RSI has risen above 50, which suggests that the buying strength is increasing. On the other hand, a falling ADX line indicates that the downtrend has weakened, particularly in the handle formation. These are the signs that the technical traders are becoming more and more optimistic.
The upsurge in open interest serves to underline the above-mentioned viewpoint. As stated by CoinGlass, open interest has gone up by 6% within the last 24 hours, and it has reached $1.35 billion. The funding rate is up, and the long/short ratio of 1.01 means that the traders who are expecting the growth in price are in the majority.
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