SUI Bulls Defend $3.30 Zone: Is $6 Target Next?

SUI price holds above $3.30 amid a bullish wedge breakout. Derivatives data shows rising interest. Can SUI reach $4.63 or even $6 in the next leg up?

As the crypto market remained quiet on Tuesday, SUI witnessed a minor gain of 0.19%, maintaining dominance over the $3.30 demand zone. With SUI rejecting lower prices near the 50-day EMA and this demand zone, is a bullish reversal possible this week?

SUI Price Analysis

On the daily chart, SUI’s price action reflects a bullish effort to sustain a falling wedge breakout rally. The rally surpassed the 23.60% trend-based Fibonacci level at $3.30 but is struggling to maintain a higher-high trend.

SUI Price Chart

After a secondary test of the $3.30 demand zone, SUI now tests the 50-day EMA at $3.38. The intraday candle shows a lower price rejection near the 24-hour low of $3.40, with the current market price at $3.57.

Short-term price action reflects a resistance trendline formed after rejection near $4.29. As SUI struggles to prolong its uptrend, the daily RSI indicates a loss of momentum.

The daily RSI has dropped below the midpoint of the overbought region, signaling weakening strength.

Despite this short-term struggle, a potential bounce from the 23.60% Fibonacci level could test the 38.20% level at $4.63 if SUI breaches the local support trendline.

The bullish trend may extend to the 50% Fibonacci level near the $6 psychological mark, aiming for a new all-time high. On the downside, the 200-day EMA near the $3 psychological level serves as crucial support in case of a breakdown.

Derivatives Traders Remain Hopeful on SUI

Over the past 24 hours, the bullish narrative in the SUI derivatives market has strengthened significantly. Open interest increased by 2.10%, reaching $1.81 billion, while the funding rate rose by 20.02%. This reflects a surge in bullish trading activity despite a recent wipeout of bullish players.

This is highlighted by $2.45 million in long liquidations compared to $595K in short liquidations over the last 24 hours. With bullish sentiment largely unaffected in SUI derivatives, traders anticipate a potential reversal.

SUI Derivatives

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