- SUI rebounds from strong $2.88 support, eyes breakout past $2.95–$3.00 resistance.
- Momentum grows as MACD turns bullish and RSI nears a critical upward shift.
- Short liquidations dominate, signaling a potential sentiment flip toward bullishness.
Sui (SUI) continues to show promising signs of a bullish reversal as market participants closely monitor its price action and technical signals. The token, which currently trades at $2.93, has garnered attention due to its performance in the past 24 hours and potential for further gains.
If SUI were to match XRP’s market cap of $138 billion, its value could surge to $39.48 per token. This dramatic difference highlights SUI’s untapped upside and draws attention to its growth trajectory in the broader crypto market.
Price Action and Key Technical Levels
SUI’s daily movement paints a cautiously optimistic picture. After dipping to $2.878 earlier in the day, the price bounced back with a steady climb. This level has proven to be solid support, tested several times without giving way. The $2.88 to $2.89 range also served as a consolidation zone before the rebound, adding further weight as a secondary support area.
On the resistance side, $2.93 today’s high marks a critical short-term barrier. A strong close above this could set the stage for a break toward the psychological $3.00 mark. These round numbers often act as resistance zones, making the $2.95–$3.00 area important for further validation of the bullish trend.
Momentum Indicators and Volume Insights
Despite a 15.55% drop in trading volume, which now sits at $542.7 million, the price moved higher. This divergence suggests buyers are active but cautious.
Meanwhile, the MACD indicator shows a positive histogram of 0.0741, pointing to a developing bullish crossover. The MACD and Signal Line also reflect growing upward momentum.
The RSI stands at 50.78, indicating neutral territory. A push above 60 would confirm stronger buying interest and shift sentiment decisively bullish.
Liquidations Hint at Sentiment Shift
SUI’s derivatives market adds another layer to the analysis. Over the past day, liquidations totaled $873,000, all from perpetual contracts. Significantly, short positions accounted for over 74% of these liquidations. This suggests traders betting against SUI were caught off guard by the price rise.
Binance recorded the highest liquidation volume, followed by OKX, Bybit, and Huobi. The imbalance in liquidations signals that the market sentiment is slowly tilting bullish, especially if SUI sustains its current price or pushes higher.
