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.