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$SUI price jumps 8.3% to $3.60 with a golden crossover. Can it reach the $6 ATH as network activity and trader interest surge?
With a bullish comeback for altcoins, $SUI is among the fastest to gain momentum in the market. Currently, the $SUI price is $3.60, reflecting an intraday gain of 8.3%.
As a golden crossover accompanies $SUI’s bounce-back, bulls are anticipating a major rally. Could this lead to a new all-time high at the $6 mark?
$SUI Price Analysis
Bouncing off the 23.60% Fibonacci level at $3.30, $SUI has made a strong recovery. After a period of consolidation and indecisive price action in recent weeks, the broader market rebound has helped pump the $SUI token.
With a new bullish engulfing candle, the $SUI token shows signs of a positive reversal from the $3.30 level. Additionally, the recent golden cross between the 50-day and 200-day EMA lines continues to serve as a bullish signal.
The ongoing recovery now hints at a bullish crossover between the 50-day and 100-day EMA lines, potentially restoring full positive alignment. As the uptrend builds momentum, the Chaikin Money Flow Index stands at 0.21, indicating a strong capital inflow. With a previous high near 0.40, the indicator suggests more room for growth.
$SUI Price Targets
According to trend-based Fibonacci levels, the continued upside in $SUI faces immediate resistance at the 38.20% level, which is around $4.63. However, if the bullish trend persists, the retracement pattern also points to a potential new all-time high at $6.
On the downside, key support levels include the 200-day EMA at $2.84, followed by psychological support at $2.
$SUI Network Expansion Continues
As the market price climbs, the $SUI network continues to expand rapidly. According to SUIScan, the $SUI network has surpassed 10 billion total transactions. Meanwhile, total value locked (TVL) has reached $1.729 billion, inching closer to a new all-time high near $2 billion.
The total number of accounts has exceeded the 180 million milestone, reflecting sustained network growth.
Derivative Traders Go Long on $SUI
Amid the surge, trader interest in $SUI’s derivatives market has spiked. Open interest has risen 6.12% to reach $1.60 billion. Over the past 24 hours, heavy seller liquidations have wiped out $4.41 million in short positions.
Fueling the likelihood of further short liquidations, long positions over the past 24 hours have climbed to 52.78%, pushing the long-to-short ratio to 1.1177. This reflects a shift toward bullish sentiment among derivative traders.