SUI is approaching the $5 mark after a month of impressive price increase. The RSI index has reached the overbought zone (70+) while the liquidation clusters around $4.4–$4.6 could trigger a short squeeze pushing the price above the resistance level. The derivative cash flow is leaning towards the buying side, with trading volume exceeding $1 billion/day, indicating strong demand.
What is SUI?
SUI is a Layer 1 Blockchain developed by Mysten Labs, using the Move language, optimized for validation speed, low transaction fees, and the ability to build large-scale DApps. SUI promises high potential in the GameFi and DeFi sectors.
Factors supporting SUI's price increase:
RSI fluctuating between 70–73, signaling that the upward trend is still in place.
Trading volume +40% in 1 month.
Long/Short ratio at 51% leaning towards Long.
Open Interest increased by 25%/week, a sign of capital inflow.
Short Squeeze is lurking
Liquidation clusters around 4.4