SUI is attracting market attention as the token is approaching a significant resistance level while maintaining a consolidation pattern. Analysts have indicated that the current price action of the token is exhibiting signs of improving momentum as traders watch whether the token can break above its range.
As of press time, SUI is currently trading at $1.05, up 5.74% in the last 24 hours. According to CoinMarketCap, the trading volume has seen a significant jump of 159.76% and now stands at $737.06 million. The token has also gained 4.65% over the last month.
Source: CoinMarketCap
Analyst Crypto TXG highlighted that SUI has been preserving its consolidation zone while indicating the development of stronger momentum. The price has recently bounced off the support area and is currently retesting the $1.018 resistance zone.
The analyst noted that a strong breakout above the resistance zone could lead to a more significant price increase. This could encourage more buying pressure among traders. However, the resistance zone is a key technical level.
If SUI is unable to break above the resistance zone, the consolidation pattern could persist. The price could return to the support levels within the consolidation zone. Traders are closely monitoring the price action at the current zone.
Source: X
Additionally, another analyst, BitGuru, mentioned that SUI is stabilizing after a recent correction. The token seems to be creating a range between major support and resistance levels. This is a typical sign of market balance between buyers and sellers.
The analyst added that maintaining the lower edge of the range is still crucial. A successful reclaim of the $1.10 level could boost bullish sentiment. This could enable the token to aim for higher levels.
Source: X
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The Relative Strength Index (RSI) is at 60.59, while the signal line is at 48.57. This suggests that buying pressure is increasing and that the market is improving without being overbought.
The Moving Average Convergence Divergence (MACD) indicator shows improving momentum. The MACD line is at 0.0020, above the signal line at -0.0214, and the histogram is at 0.0234, which shows increasing buying pressure and strong bullish momentum.
Source: TradingView
Derivatives data also indicates increased activity on the trading platforms. CoinGlass data shows that the open interest has risen by 9.05% to $540.27 million. The trading volume also increased by 120.07% to $1.04 billion.
The OI-weighted funding rate is currently at 0.0076%. A positive funding rate usually shows strong demand for long positions. Traders seem to be preparing for potential upside action.
Source: CoinGlass
Liquidation data provides further insight into market pressure. The total liquidation reached $1.27 million in the last 24 hours. The long liquidation accounted for $208.15K.
Short positions experienced higher losses in the same period. The short liquidation totaled $1.06 million. This indicates that bearish traders were under more pressure as SUI increased in value.
Source: CoinGlass
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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