SUI is consolidating near $3.46 with strong bullish indicators. Will the dominance of long positions lead to a breakout rally toward $5.14?
As Bitcoin holds its ground above the $96,000 mark, altcoins are gaining momentum. With bulls taking control, the total crypto market has reached a capitalization of $3 trillion.
Among the top performers in the growing altcoin market, SUI has emerged as a standout. Currently trading at $3.46, SUI has a market capitalization of $11.61 billion.
Now ranked as the 11th-largest cryptocurrency, SUI recorded a 54% increase in April. Could this strong uptrend push SUI to a new all-time high?
SUI Price Analysis
On the 4-hour price chart, the SUI token is displaying a consolidation range between $3.41 and $3.83. Currently positioned at the lower boundary, SUI is showing signs of a potential bounce.
According to trend-based Fibonacci levels, the range boundaries align with the 0% and 23.60% levels. With a 1.42% surge in the past four hours, SUI is demonstrating bullish strength at the lower range, increasing the likelihood of a reversal.
The stochastic indicator shows a bullish crossover, and the MACD and signal lines are also approaching a crossover. This would signal a trend reversal and increase the probability of SUI retesting the upper boundary.
If SUI breaks out of the consolidation, the uptrend could target the 50% Fibonacci level at $4.28, followed by the ultimate price target of $5.14. On the downside, key support remains near the psychological level of $3.00.
Long Positions in SUI Nears 60%
As SUI holds within its consolidation range, the potential for a bullish breakout has driven an increase in long positions in the derivatives market. According to data from CoinGlass, the SUI long-to-short ratio has risen to 1.4734.
This indicates that 59.57% of positions in the past four hours have been long. With leveraged long positions increasing, SUI may be poised for a price surge.
Notably, SUI’s open interest has climbed by more than 6%, reaching $1.55 billion, while the funding rate has risen to 0.0159%. The elevated funding rate underscores strong bullish sentiment, suggesting a potential for an extended rally.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
