Is SUI ready for a major breakout? Here’s what you need to know

• Sui has entered a bullish trend with higher highs and lows, aiming for $1.50-$1.80.
• Volume and open interest surges indicate growing market confidence and potential further gains.

Sui [SUI] is back in a high timeframe (HTF) uptrend, with higher lows and higher highs signaling a potential bullish trend. With a 7.47% surge in the past 24 hours at press time, Sui has regained momentum and was trading at $1.18.

This reversal in trend has many traders wondering: Is Sui primed for a significant rally? Let’s dive into the analysis and uncover what’s next for SUI.

 Is Sui forming a new bullish trend?

Sui’s price chart reveals a series of higher highs and higher lows, a classic indication of an uptrend. After bouncing from lows around $0.60 earlier this year, SUI has made steady gains, breaking through several key resistance levels. 

This upward movement signals that bullish momentum is gaining traction, and market participants are now eyeing whether Sui can sustain this momentum and climb higher in the coming weeks.

Source: X

Can Sui break through the key resistance levels?

Sui is approaching significant resistance around $1.2047. If Sui can breach this level, the next targets could range from $1.50 to $1.80. On the downside, support sits at $1.1253, with a deeper layer of support around $1.0459.

The big question is whether the bulls can push past these resistance zones to unlock a new bullish wave.

Source: TradingView

What do the volume and open interest say about Sui’s future?

Volume and open interest data suggest that interest in Sui is growing rapidly. The token’s volume has risen by 3.25%, reaching $1.83 billion, while open interest has surged 11.86%, now sitting at $331.21 million according to Coinglass data.

With these numbers on the rise, the outlook for Sui appears increasingly bullish.

Source: Coinglass

Where are the key battlegrounds for bulls and bears?

The trading activity around the $1.00 to $1.20 range has intensified. This zone could serve as a critical battleground between bulls and bears. If bulls can decisively push Sui beyond this range, the next significant upside could lead to a rally toward $1.50 and beyond.

Realistic or not, here’s SUI market cap in BTC’s terms

Sui’s breakout from key resistance levels, rising volume, and increased open interest all suggest that the token is gearing up for further gains. 

However, the key question remains: Can Sui break through the resistance at $1.25 and trigger the next big rally? Only time will tell, but the stage is set for an exciting move in the market.