SUI price broke out of a descending channel, rallying strongly before a mild pullback while maintaining bullish structure. RSI cooled from overbought levels, and MACD stayed positive, signaling ongoing momentum. Meanwhile, open interest and volume declined, reflecting cautious sentiment and reduced trading activity. According to CoinMarketCap, SUI is trading at $1.20 with a 24-hour loss of 2.68%.
Source: CoinMarketCap
SUI Derivative Data Point to Declining Momentum
According to Coinglass, the SUI open interest declined by 7.56%, settling at $771.59 million, indicating reduced outstanding derivative positions. This suggests traders are closing contracts or reducing exposure, reflecting cautious sentiment, lower risk appetite, and a potential slowdown in market commitment.
Source: Coinglass
Trading volume decreased by 28.13%, reaching $1.33 billion, reflecting lower market activity and participation. This decline suggests weakening momentum, reduced liquidity, and possible consolidation as traders become more cautious amid shifting market conditions.
Also Read: Sui (SUI) Price Tops $1.30 After Major Gold DeFi Launch
SUI Price Breakout Signals Rally Toward $4.20
Furthermore, the crypto analyst Jonathan Carter highlighted that the SUI price has broken out of a prolonged downtrend channel formation on the daily chart, indicating a structural shift in the market dynamics.
It was accompanied by increased volume, which validated the buying interest and broke the pattern of successive lower peaks. It indicates that there is a potential switch from a corrective phase to a new bullish wave.
Source: Jonathan Carter’s X Post
Momentum has so far achieved gains of around 46% since the formation of the accumulation pattern, signaling the resilience of the move.
If the current speed prevails, the SUI price moves towards the main objectives of $1.95, $2.40, $3.10, and $4.20. However, it is worth noting that for this to happen, volume must continue and the price should stay above the breakout point.
Technicals Show Stabilization After Upward Surge
According to TradingView, following a prolonged period of consolidation in the $0.80-$1.05 range, the SUI price is showing signs of a quick recovery.
After May 1st, the SUI price was able to break above the $1 mark and move towards the upper boundary of its recent range at $1.40. Currently, the SUI price is retracing a bit and is trading at $1.1991.
Source: TradingView
Bullish signs reflect this volatility. First, the RSI moved into overbought territory above 75, then retreated slightly back to 65.77. Second, there is a clear bullish crossover by the MACD with green bars growing. This means that although the overall picture has turned bullish, the market is now correcting itself from the previous strong bull wave.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: SUI Price Breakout Holds: Bulls Eye $4.20 Target After Pullback Signal
