- The current trading range for SUI lies between $3.1 and $3.94, with $3.52 acting as a critical midpoint.
- Indicators such as On-Balance-Volume (OBV) show strong buying interest and open interest, surged 24.82% to $1.01 billion.
Sui (SUI) price has maintained an upward trajectory on the daily chart since early August, showing strong momentum with occasional pullbacks. The minor pullback that appeared in late October did not deter its more significant upward trend. The long-term remains positive, but short-term price swings are great entry points for traders.
What’s Next For SUI Price?
The daily market structure of the SUI price depicts persistent bullishness, with key higher lows recorded at $2.82 and $2.97, per the CNF report. These levels are critical in determining whether a market shift can be anticipated. A close below $2.97 may potentially signal a break in the market structure, which may eventually mean bearish pressure.
The Relative Strength Index (RSI) has remained above 50 for a month and recently reached 60, indicating an ongoing bull run. It does fit the price action of the token despite this one trading inside a defined range for the last 10 days.
This range falls between $3.1 and $3.94, the midpoint of which was at $3.52. Having previously resisted, this zone has been overcome, and the bulls could now look toward the range’s boundary and possibly to a new all-time high.
Supporting the bullish trend, On-Balance Volume (OBV) has been steadily climbing, which represents strong buying interest. But, Money Flow Index (MFI) has declined during the last 10 days, and this is a signal of weakening strength during the consolidation phase. Nevertheless, since it is above $3.52, SUI price could likely see further upside momentum.
Meanwhile, it’s important to note that December 3 ended with a significant price rise but alongside rising Open Interest (OI). At the time, OI decreased by $45 million, and hence, it may be that bullish speculators were locking in their profits. However, the trend has reversed now as Sui’s open interest surged by 24.82% to $1.01 billion on Thursday, December 5, according to Coinglass data.
Liquidity Zones Could Shape Short-Term Moves
An analysis of the liquidation heatmap by Coinglass shows important liquidity clusters. To the north, an important zone is situated at $4, while a significant southern cluster exists at $3.17, close to the lower bound of the range.
It can go as low as $3.5 or even $3.2 in order to collect liquidity before a more significant upward move. The traditional history of range breakouts tends to involve a drop below the critical support level in order to liquidate the long positions before the rally resumes.
Traders may watch for dips to $3.5 and $3.2 as a chance to enter a move toward the range highs. With a bullish market structure intact overall, a break to new all-time highs is still possible within the next few weeks. As of this writing, Sui’s price remains strong, with a whopping 17.52% gain, and it traded at $4.34 on Thursday.
