TLDR
- SUI price is forming a bullish falling wedge pattern with a potential 120% gain to $5.30 target
- Recent 17.57% surge from $1.87 to $2.27 confirms upward momentum
- SUI recorded highest stablecoin inflows ($6.1M) among all blockchains in 24 hours
- Open interest in SUI rose 30.64% to $785.35M, showing increased market participation
- SUI has formed a cup and handle pattern on daily chart with key breakout point at $2.23
Sui (SUI) price has been gaining attention as it forms bullish chart patterns that could lead to a major price increase. The cryptocurrency is currently trading at $2.27, up from $1.87 in recent days, marking a 17.57% surge. Technical analysts have identified a falling wedge pattern that suggests a possible breakout toward $5.30, representing a potential 120% gain from current levels.
The price movement comes alongside increasing open interest in SUI perpetual contracts, which rose by 30.64% to $785.35 million. This surge indicates growing capital inflow into SUI derivatives markets and hints at short-term speculative buildup.
Most of SUI’s market activity occurs through major exchanges Bybit and Binance, which dominate the open interest. Any major movements or liquidations on these platforms could have a substantial impact on SUI’s price performance.
Stablecoin Inflows Signal Growing Confidence
SUI recorded the highest stablecoin inflows among all blockchains in the past 24 hours, with a net increase of $6.1 million. These sharp inflows coincided with outflows from other major chains like Ethereum, Solana, and BNB Chain – a sign of potential capital rotation toward SUI.
Such strong stablecoin movement toward SUI hints at growing demand and increased on-chain activity. Stablecoin inflows often act as “dry powder” ready to be deployed into native assets, adding potential upside pressure.
This liquidity surge could reflect investor confidence in SUI’s near-term outlook, especially when compared to the outflows seen in competing blockchain ecosystems.
Over the last 24 hours, SUI experienced $860,600 in long liquidations, compared to just $269,300 in shorts. This imbalance suggests that overleveraged bulls were flushed out, especially on major exchanges like Binance and OKX.
Liquidation events often act as reset buttons, clearing excessive leverage and setting the stage for a more sustainable price move. If bullish momentum returns after these liquidations, it could support a healthier price recovery.
Technical Indicators Show Promising Signs
The Relative Strength Index (RSI) for SUI is currently at 48.23, just below the neutral 50 level. This indicates SUI is neither overbought nor oversold and has room to rise. If the RSI crosses above 50, it could signal growing buying strength and an early move toward a stronger uptrend.
The Cumulative Volume Delta (CVD) shows green bars, indicating that buying pressure exceeds selling pressure. This confirms that the price move is supported by increasing trading volume, a key factor for sustained price increases.
SUI has recently formed a classic cup and handle pattern on the daily chart, a setup often associated with bullish continuation. The handle portion of the pattern seems to be shaping within a descending wedge, with a breakout point clearly marked at $2.23.
Buyers are yet to secure a strong candle close above this level. If momentum holds and the price breaks out, the next major target would sit at $2.80 before potentially reaching the larger $5.30 target identified by some analysts.
Growing Fundamentals Support Price Outlook
Beyond technical indicators, SUI has shown strong fundamental growth. Recently, DeFi volume for SUI ranked 6th across all assets in the last month, indicating increasing interest and adoption within the decentralized finance ecosystem.
SUI’s partnership with Franklin Templeton and Canary’s recent ETF filing suggest growing institutional interest in the cryptocurrency. There has been an increased number of active users, reaching 2.5 million in the past month, which indicates strong network activity.
As these developments progress, it becomes clear that SUI is establishing itself as a major player in the DeFi space. This growing ecosystem could help support the asset as more institutional investors and users become involved with the platform.
SUI’s OI-weighted funding rate turned slightly positive at 0.0087% on April 10. This suggests that traders have been paying to hold long positions, reinforcing the presence of bullish sentiment despite recent price volatility.
Funding rate recovery after a liquidation sweep often reflects renewed confidence among market participants. If both funding rates and stablecoin inflows remain elevated, SUI may be positioning itself for another leg up in price.
While the technical setup appears promising, confirmation is key before declaring a definitive breakout. The price needs to close firmly above the $2.23 resistance level to confirm the bullish patterns identified by analysts.
