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Sui (SUI) has been showing renewed bullish momentum after bouncing from a key support level earlier this week. As of Thursday, the token trades around $3.77–$3.82, signaling resilience in the market and giving traders hope for further upside. The combination of rising decentralized exchange (DEX) activity, positive funding rates, and technical indicators suggests that bulls are targeting the next major resistance at $4.44, which could represent a potential 16% gain from current levels.
SUI Shows Strength Above Key Support
SUI recently found strong support around its 50-day Exponential Moving Average (EMA) at $3.55. After a brief correction of 7.83% following an initial rally, the price rebounded, climbing 4.76% the next day. This price action indicates that buyers are defending critical support levels, which helps maintain bullish momentum. Holding above $3.80 is crucial for SUI, as it strengthens the likelihood of further upside and provides confidence to traders that the upward trend remains intact.
Rising On-Chain Activity Supports Bullish Outlook
On-chain metrics reveal a positive outlook for SUI. According to DeFiLlama, SUI’s DEX trading volume rose from $552.91 million on Saturday to $561.63 million on Thursday. This increase marks the highest trading volume for the token in September, highlighting growing interest from traders and enhanced liquidity on decentralized platforms.
Increased DEX activity generally signals heightened participation from both retail and institutional traders, which tends to support price appreciation. Higher volumes make it easier for the market to absorb large buy orders, reducing volatility and further reinforcing the bullish trend.
Derivatives Data Point to Long Positions Gaining Edge
Sui’s derivatives market also favors the bulls. Coinglass’s OI-weighted funding rate shows a positive reading of 0.0091% as of Thursday, suggesting that traders holding long positions are outpacing shorts. This indicates that the market sentiment leans toward expectations of higher prices in the near term.
A positive funding rate often reflects confidence among traders that prices will continue to climb. In SUI’s case, the data implies that institutional and retail participants are betting on further gains, strengthening the overall bullish sentiment for the token.
Technical Indicators Signal Further Upside
From a technical perspective, SUI’s charts support a continuation of the upward trend. The token broke above a falling wedge pattern on September 10, rallying nearly 10% by the following Saturday. While a short-term correction followed, the retest of support at $3.55 helped sustain the trend.
The Relative Strength Index (RSI) on the daily chart currently reads 59, above the neutral 50 level, suggesting that bullish momentum is strengthening. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover that began on September 7 and remains in effect, signaling continued buying pressure and an upward trend.
Bulls Eye $4.44 as Next Major Resistance
If the current momentum persists, SUI bulls could target the July 28 high at $4.44, representing an upside of roughly 16% from the current price. Breaking this resistance level would mark a significant milestone for SUI and could attract additional attention from traders looking for high-potential altcoins.
A sustained move above $4.44 could open the door for further gains, potentially extending toward $4.60–$4.70 in the medium term, provided market conditions remain favorable and the broader cryptocurrency market supports altcoin rallies.
Risks to Consider
While the technical and on-chain outlook appears bullish, investors should remain mindful of potential risks. A sudden drop below the $3.55 support level could negate the bullish setup, leading to increased selling pressure. Additionally, macroeconomic factors, market sentiment, and broader crypto market trends could influence SUI’s trajectory.
Traders should monitor funding rates, DEX activity, and key technical levels closely. Maintaining positions above $3.80 will be crucial for SUI to sustain its rally and pursue the $4.44 target.
Conclusion
Sui (SUI) is currently in a strong position for a potential rally, supported by rising DEX trading volume, positive funding rates, and bullish technical indicators. Holding above the $3.80–$3.55 support range is essential for bulls to maintain upward momentum. With the next key resistance at $4.44, traders are optimistic about a possible 16% gain in the near term.
While risks remain, the overall outlook suggests that SUI could continue to attract attention from both retail and institutional traders seeking high-growth altcoins. For now, the market will be watching price action closely, looking for confirmation that the bullish trend can extend to new highs.
