SUI has reclaimed the $3 threshold, currently trading at $3.04 following a 9% daily gain. This notable price movement is accompanied by a sharp uptick in market activity—trading volume has surged 164% to $1.53 billion, placing SUI among the top-performing altcoins in the current market cycle.
Technical Outlook: Bullish “Cup and Handle” Pattern Forms
A well-defined “cup and handle” pattern has emerged on the weekly chart—a classic bullish formation often associated with significant upside potential. A successful breakout above the pattern’s resistance level could pave the way for a move toward the $6 mark, revisiting SUI’s all-time highs.
Supporting technical indicators include:
Relative Strength Index (RSI): Now above 50, indicating strengthening buying momentum
Average Directional Index (ADX): In decline, suggesting the prior downtrend (the "handle") is losing strength
That said, failure to break above resistance or a drop below the lower trendline may invalidate the pattern. Additionally, the upcoming unlock of approximately $123 million in SUI tokens presents a potential short-term risk, as it may lead to increased selling pressure.
Derivatives Market Shows Rising Bullish Sentiment
Investor sentiment in the derivatives market is also turning increasingly optimistic. According to CoinGlass, open interest in SUI futures has risen by 16% over the past 24 hours, now totaling $1.39 billion.
Key metrics include:
Positive funding rates — indicating demand for long positions
Long/Short Ratio at 1.01 — suggesting a slight bullish bias among traders
These developments signal growing confidence in SUI's short-term upside potential.
On-Chain Fundamentals Remain Strong
Beyond market technicals, on-chain metrics reinforce a bullish outlook. Data from DeFiLlama shows that Total Value Locked (TVL) in the SUI ecosystem has reached $1.842 billion, the highest level in the past three weeks. This increase reflects rising user activity, protocol adoption, and overall network confidence.
---
Conclusion
SUI appears to be positioned for a potential breakout. A combination of technical momentum, heightened investor interest, and strengthening network fundamentals supports a bullish scenario with a potential price target of $6. However, traders should closely monitor the resistance breakout and be mindful of the upcoming token unlock event, which could introduce near-term volatility.
Follow us for timely updates and insights into the evolving cryptocurrency landscape.
