- SUI price rises 9% in 24 hours, surpassing $3 and forming a classic bullish chart pattern known as the cup and handle.
- Open interest in SUI derivatives climbs 16% to $1.39 billion, indicating growing trader participation and support for continued price gains.
- SUI’s total value locked reaches $1.842 billion, the highest in three weeks, reflecting increased confidence in the platform’s utility.
The SUI price has crossed the $3 mark once again, trading at $3.04 as of July 3. The 9% daily gain comes as part of a broader market recovery, with major assets such as Bitcoin and Ethereum also recording upward movement. However, SUI’s rise stands out due to the emergence of a technical chart pattern suggesting potential for further gains.
SUI already has a cup and handle pattern developed on the weekly chart. It is a conventional bullish formation with a rounded bottom and then a short-term pullback, which may be viewed as an indication of an upward extension. The present weekly candle has penetrated the upper resistance trendline of the pattern. This could justify a price target of close to 100% above the current levels to the tune of USD 6 (or close to it) based on a strong close above this level.
Positive Indicators Provided by Technical Indicators
Main momentum signals are also matching with a bullish position. The Relative Strength Index (RSI) has increased and crossed above 50, which means that buyer interest is increasing. Also, the Average Directional Index (ADX) is moving downish, which in most cases indicates a weakening of the previous downtrend, which took the form of the handle in the pattern. These signs combined are a hint at the increasing degree of bullishness.
There is a high participation in the markets as the trading volume has soared by 164% in the last 24 hours to $1.53 billion. Besides the price appreciations, SUI derivatives open interest has also increased by 16 percent to $1.39 billion, as CoinGlass data show. Such a price increase and open interest corroborate the bullish story because it is an indication of new capital being deployed into longs.
Compounding is Increasing Market Attraction
According to DeFiLlama, the value locked in the network of the SUI is already at the top at the end of three weeks, at a value of $1.842 billion. This is because it would mean greater confidence in the usefulness and value of the network. The short ratio, known as 1.01, also demonstrates that at the moment most traders are positive towards the price action on the upward.
