SUI rallies with W-reversal breakout and $1 billion in OI | Credit: Veronica Cestari
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Key Takeaways
SUI surged 47.7% in 30 days, breaking out of a falling wedge, and has reclaimed $4.
Indicators like the CMF and 20-day EMA show growing demand and firm support.
If buying support holds, SUI could follow XRP’s price action and set a new high.
SUI price blasted through the $4 resistance for the first time since May 11, completing a clean W-reversal pattern. According to CCN’s findings, this surge came after the altcoin registered a 47.70% hike within the past 30 days.
But what lies ahead might be more interesting than what the coin has shown recently. In this analysis, we reveal how the SUI price might perform going forward, as indicators suggest that it could follow in XRP’s footsteps.
SUI Moves from Depression to Breakout
Since the month began, altcoins, including SUI, have been breaking out. As a result of this altcoin dominance, XRP’s price hit a new all-time high yesterday.
Now, it seems that SUI’s price wants to follow the same path as that of the third most valuable cryptocurrency. On the daily chart, SUI’s price has broken above the upper trendline of a falling wedge.
As it stands, SUI is about to breach the supply zone at $4.20 with support at $2.45. Amid this move, the Chaikin Money Flow (CMF) has risen above the zero signal line.
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The rise in the CMF indicates increasing demand for the coin. Besides that, SUI’s price has risen above the 20-day Exponential Moving Average (EMA), indicating strong support that could accelerate the uptrend.
Should this remain the same, SUI’s price might break above the supply zone and head toward $5.
Furthermore, on-chain data reveals that SUI’s Open Interest (OI) has surged past $1 billion. This spike in OI suggests that not only is there strong spot demand, but leverage is also playing a key role in fueling the recent price rally.
If this upward trend in OI continues, it could set the stage for a notable move toward SUI’s all-time high of $5.35, as rising leverage could amplify the price momentum, especially in more bullish conditions.
SUI Price Analysis: Revival Ahead
From a technical standpoint, the 4-hour chart suggests that SUI’s price could briefly dip below $4. This potential pullback is being signaled by the Awesome Oscillator (AO), which has begun printing red histogram bars — a clear indication that bullish momentum is waning.
While this doesn’t necessarily signal a full reversal, it does point to short-term weakness, especially if sellers take advantage.
Traders may want to watch for confirmation from other momentum indicators or key support levels in the $3.80 and $4 range.
Meanwhile, the Bull Bear Power (BBP) is still in the positive region. This BBP position indicates that bulls are ready to sweep every dip if SUI pulls back.
In the mid-term, this position could drive SUI’s price to breach $4.59. If that were to happen, the altcoin might follow in XRP’s footsteps and hit a new all-time high of $5.37.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
