The cryptocurrency SUI has once again climbed above the $3 mark, currently trading at $3.04 after a 9% daily increase. This sharp rally comes with a significant boost in trading activity — volume surged by 164% to $1.53 billion, placing SUI among the top-performing altcoins on the market.
“Cup and Handle” Pattern Signals Strong Bullish Potential
A classic "cup and handle" formation has emerged on the weekly chart, a bullish indicator that often precedes a doubling in price. If SUI manages to sustain a breakout above the upper resistance of this pattern, it could be on track to reach $6, a return to all-time highs.
Key technical indicators support this view:
🔹 RSI has moved above 50 — indicating growing buying pressure
🔹 ADX is declining — suggesting the previous downtrend (the “handle”) is weakening
However, if the price fails to break out and falls below the lower channel, the pattern may fail. An upcoming unlock of $123 million in SUI tokens could also trigger selling pressure and pose a short-term risk.
Open Interest Surges as Traders Bet on More Gains
Market interest in SUI is on the rise, with open interest jumping 16% in the last 24 hours to $1.39 billion, according to CoinGlass. This is a strong bullish signal, especially when combined with rising prices.
🔹 Funding rates are positive
🔹 Long/short ratio is 1.01 — indicating most traders are betting on more upside
Network Activity Strengthens Fundamentals
Beyond technicals, fundamental metrics also support SUI’s bullish outlook. According to DeFiLlama, the TVL (Total Value Locked) in the SUI ecosystem stands at $1.842 billion, the highest in the past three weeks — showing increased adoption and confidence in the network.
Summary
SUI appears poised for a major rally. The combination of a bullish chart pattern, rising market interest, and growing on-chain activity could push the price to $6. However, the breakout must hold, and the market must absorb the upcoming token unlock without panic selling.
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