- SUI gains momentum, with over 91% bullish sentiment and strong community support despite recent price dips.
- Analysts eye $3.90 breakout, which could confirm a new bullish wave and mark the start of stronger upside.
- Derivatives show mixed signals, with trading volume rising but open interest dropping, hinting at cautious market behavior.
SUI is gaining significant community support, ranking in CoinMarketCap’s Top 10 Bullish Sentiment list with well over 91% bullish votes. Analysts note a potential breakout above $3.90 would affirm the beginning of a new bullish wave.
At the time of writing, the asset is trading at $3.55, with a 24-hour trading volume of $2.38 billion and a market cap of $8.27 billion. The token has dropped 0.99% in the last 24 hours, reflecting some of the market’s short-term weakness.
Sui Holds Strong in Top 10 Sentiment
Sui is still receiving strong community support. Data shared from Sui Ninja showed that even on a red day, when the altcoin declined by more than 7%, the initiative was still among CoinMarketCap’s list of the Top 10 Most Bullish Sentiments, with 91.3% positive votes.
This implies that the overwhelming number of people supporting Sui is optimistic and sees the decline as an opportunity rather than a reason to pull back.
Sui Awaits Breakout as Momentum Builds
Moreover, crypto analyst More Crypto Online highlighted technical analysis on the altcoin. According to him, the recent recovery of the price is not strong enough to confirm the end of wave B. He pointed out that a five-wave push higher and a move above $3.90 would be needed to confirm the beginning of wave C and possibly signal a new bullish trend for the asset.
With strong community sentiment and analysts monitoring major levels, the asset’s future movements could determine whether the venture sustains its rally or faces further consolidation in the coming days.
Also Read | SUI Price Surges Hits $80 Billion DEX Volume and Eyes $5.33 All-Time High
SUI Derivatives Show Mixed Signals
The asset’s derivatives market registered contradictory signals as trading volume surged by 33.65% to $6.30 billion, showing increased trading activity. Open interest, on the other hand, fell by 3.05% to $1.83 billion, indicating that some positions were closed despite increased market participation.
Conversely, the OI-weighted funding rate is 0.0030%, which suggests a gentle bullish tilt. This low but mildly affirmative rate reflects a minor predominance of long investors, but overall sentiment is cautious and not strongly biased.
Also Read | SUI Failed to Attempt $4, Eyes Key $3.17 Support Zone
