SUI Crypto Eyes $6: Can the 100 MA Support Propel A Breakout?

SUI crypto has continued to trade within a rising channel on the 12-hour chart where the price action is higher highs and higher lows.

However, a crypto analyst Jonathan Carter predicts price targets of $5.30 and $6.00 in case the current support levels keep and momentum continues.

Sui Crypto Key Support Levels and Price Action

At press time, SUI was trading at $4.55 and buyers are defending the 100 period moving average (MA 100) around $4.20.

Over the past sessions, this dynamic support has held tight and harmonizes with a horizontal support zone in the range of $3.80 to $4.00 that has traditionally attracted a tremendous amount of buying action. Otherwise these prevent further downside.

There is resistance levels for SUI price were between $5.00 and $5.30 at the upper boundary of the ascending channel. A break above this zone would open the door to the $6.00 level.

The Relative Strength Index (RSI) sits at 50 (neutral momentum) to indicate room to run higher in price.

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Derivatives Data and Market Activity

Data from Coinglass shows mixed signals in the derivatives market. 24-hour trading volume has fallen 36.54 percent to $2.28 billion and open interest has increased 4.04 percent to $1.33 billion.

The open interest is rising even with lower volume which means traders are still hanging on to their positions to try and be on the right side of the bigger price moves.

In recent months, open interest has been steadily growing from below $300 million in August, to its current levels.

Impeding movement in hindsight has correlated with elevated market volatility coinciding with historically surging periods in November, late December, and early January.

Long/Short Ratios and Liquidation Data

The balance is at 0.9897 on the marketwide 24 hour long/short ratio, which has no directional bias at all. But data from the most important exchanges paints a somewhat more bullish version.

The long/short account ratio in Binance is 2.0211, and in OKX it’s 2.45, with a strong tilt towards long positions.

This view is further supported by a ratio of 1.8711 reported by top traders among Binance traders.

More insights come from liquidation figures. In just the past 24 hours, $4.07 million of those positions were liquidated, of which longs ($2.05 million) and shorts ($2.02 million) were roughly equal.

Interestingly, bearish traders were pressured up but not enough to reach short liquidations of $568,000 in the 4-hour timeframe.

SUI Price Levels to Watch

Maintaining upward momentum for SUI crypto is reliant on the $4.20 fee as support holding as the MA 100.

The combination of sustained buying pressure and a breakout above resistance would push $5.30 and even the formation of a test of $6.00.

If the price is not able to hold support it can retest the $3.80 – $4.00 range, the lower boundary of the ascending channel.

Market participants are closely monitoring these levels as SUI navigates critical zones within its current trend.