- SUI breaks the triangle pattern and targets key Fibonacci levels at nearly $7.
- Futures open interest reaches $1.2B, showing growing trader interest.
- RSI declines to 51.05, suggesting fading bullish momentum ahead.
SUI has broken out of a symmetrical triangle, signaling a bullish continuation pattern. Analyst Ali Martinez’s analysis shows SUI broke above $3.60, completing a symmetrical triangle breakout pattern.
The rally extended to $4.09, confirming a bullish structure and flipping prior resistance into support. Fibonacci extension levels now project upside targets at $4.80, $5.38, and $7.07. The 1.618 extension lies near $10.80, representing a long-term bullish threshold.
Analysts pointed to strong volume on the breakout, which added credibility to the move. Martinez noted that the breakout mirrors technical setups seen in past crypto bull markets. The asset’s rejection of lower Fibonacci retracements supports a potential continuation of the trend if bulls maintain control.
SUI Futures Open Interest Climbs to Sixth-Largest in Market
Meanwhile, Glassnode data show that SUI’s future open interest has surged to approximately $1.2 billion. This positions SUI as the sixth-largest asset by futures OI across the crypto market. Open interest has been rising steadily since mid-June, aligning with SUI’s price rebound above the $4 level.
Analysts attributed this surge to heightened speculative activity following the breakout. Increased open interest reflects strong trader participation, but also raises the risk of volatility. Leveraged positions could face pressure if the trend reverses sharply. The rise in OI suggests traders are positioning for a potential large move in either direction.
Momentum Fades as Price Pulls Back Below $3.60
Despite the bullish breakout, SUI is facing selling pressure. The asset is trading around $3.54, down 4.74% on the day. The price was rejected near the $4.20 resistance zone and has since printed several red candles on declining volume.
The Relative Strength Index (RSI) has dropped from 64.53 to 51.05, indicating reduced buying momentum. Analysts note that support lies in the $3.30–$3.40 range, which acted as resistance during June’s breakout. If bulls fail to hold this area, SUI may slide toward $3.00.
Short-term indicators now favor bears unless volume returns to support another breakout attempt. While long-term targets remain intact, near-term price action will likely depend on broader market sentiment and trading volume.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
