SUI Sets Sights on Breaking $6.35 for New ATH

• $SUI recovers to $5.06, eyeing a new $ATH of $6.35 with bullish momentum.
• RSI and MACD signal continued growth, supporting a potential breakout.
• Rising open interest and long-to-short ratio show increased buying interest, boosting $SUI’s rally.

Sui—$SUI, has shown impressive recovery this week. After a dip, $SUI is now trading around $5.06, hinting at more gains ahead. With key technical indicators and on-chain metrics supporting this, $SUI might break its previous all-time high ($ATH) of $5.36. Bulls are hopeful that a new $ATH of $6.35 could be on the horizon.

$SUI’s Path to a New All-Time High

Sui price reached an $ATH of $5.36 earlier this week but quickly retraced. Support was found at the 61.8% Fibonacci retracement, drawn from the November 26 low of $2.96 to the high of $5.36. The price hovered around $4.45 in the next days, but now it’s trending upward again.

$SUI is approaching the previous $ATH, and a breakout looks promising. If $SUI maintains momentum, the next target could be $6.35. This level lines up with the 141.40% Fibonacci extension. If $SUI can push past this, a new $ATH will likely follow.

Bullish Signs Point to Growth

Several technical indicators back up this bullish outlook for $SUI. The Relative Strength Index sits at 60, above its neutral 50. This shows strong momentum, with room to grow. The Moving Average Convergence Divergence (MACD) also indicates a bullish crossover, which points to a potential buy signal. These technical factors suggest $SUI is ready for further gains.

Coinglass data also supports the bullish outlook. Open interest rose from $1.20 million on Wednesday to $1.32 billion on Friday. This increase in OI indicates fresh buying interest, adding fuel to the rally. More investors are entering the market, pushing $SUI’s price higher.

Additionally, the long-to-short ratio stands at 1.13, the highest in over a month. This reflects a bullish sentiment, with more traders betting on $SUI’s price rising. However, if the price falls below $4.45, the bullish thesis could fail. In that case, $SUI may drop to retest $3.94.