SUI Bulls Dig In at $3.30 – Can They Charge Toward $6?

SUI’s price floor holds firm at $3.30 as bulls stage a defensive stand. Traders now eye the next psychological hurdle: a $6 target that would mark a near-double from current levels.

Market sentiment flips between greed and skepticism—typical crypto whiplash. Meanwhile, institutional investors pretend they ’always believed’ in altcoins while quietly rebalancing their Bitcoin ETFs.

Key resistance levels loom overhead, but SUI’s recent consolidation suggests accumulating energy for its next move. Will macro conditions play along, or will this become another ’narrative trade’ that collapses under its own hype? Only the charts—and the hedge funds’ algo flows—know for sure.

SUI Price Chart After a secondary test of the $3.30 demand zone, SUI now tests the 50-day EMA at $3.38. The intraday candle shows a lower price rejection NEAR the 24-hour low of $3.40, with the current market price at $3.57. Short-term price action reflects a resistance trendline formed after rejection near $4.29. As SUI struggles to prolong its uptrend, the daily RSI indicates a loss of momentum. The daily RSI has dropped below the midpoint of the overbought region, signaling weakening strength. Despite this short-term struggle, a potential bounce from the 23.60% Fibonacci level could test the 38.20% level at $4.63 if SUI breaches the local support trendline. The bullish trend may extend to the 50% Fibonacci level near the $6 psychological mark, aiming for a new all-time high. On the downside, the 200-day EMA near the $3 psychological level serves as crucial support in case of a breakdown. Derivatives Traders Remain Hopeful on SUI Over the past 24 hours, the bullish narrative in the SUI derivatives market has strengthened significantly. Open interest increased by 2.10%, reaching $1.81 billion, while the funding rate rose by 20.02%. This reflects a surge in bullish trading activity despite a recent wipeout of bullish players. This is highlighted by $2.45 million in long liquidations compared to $595K in short liquidations over the last 24 hours. With bullish sentiment largely unaffected in SUI derivatives, traders anticipate a potential reversal.

SUI Derivatives