Decoding SUI’s breakout – Is a rally to $5.30 coming next?
Main Idea
SUI has confirmed a bullish breakout with potential to rally towards $5.30, but bearish flows and resistance at $4.20 could impact the upward momentum.
Key Points
1. SUI broke above its multi-month symmetrical triangle, trading at $4.03 with a 7.21% gain in 24 hours, signaling bullish continuation if $4.20 resistance is breached.
2. Despite the breakout, Spot Taker CVD (90-day) shows bearish order flow, indicating potential profit-taking or breakout fatigue.
3. Open Interest (OI) surged by 16.06% to $2.12 billion, suggesting early trend expansion but also increasing liquidation risks if prices reverse.
4. SUI’s Social Dominance spiked to 0.966%, reflecting renewed community interest, which could amplify the breakout if sentiment remains optimistic above $4.20.
5. Total Value Locked (TVL) on SUI rose 26.84% month-to-date to over $2.17 billion, supporting the technical breakout with sustainable growth beyond short-term hype.
Description
SUI rallies past key resistance. But will bearish flows spoil the party before $5.30 gets tested?
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