SUI crosses $3.5 – Assessing if bulls can regain control

Key Points

1. SUI's price increased by 9.01% intraday to $3.53, approaching the upper boundary of a long-term symmetrical triangle pattern.

2. Futures Taker CVD data shows dominant buyer activity over the last 90 days, indicating bullish sentiment among derivatives traders.

3. Open Interest (OI) rose by 12.67% to $1.59 billion, reinforcing the likelihood of an upward breakout if the price sustains above $3.50.

4. Short-side liquidations have spiked, suggesting potential pressure on bears if the breakout holds.

5. A sustained breakout above $3.50 could confirm a bullish trend shift, while failure to hold this level may lead to leveraged long liquidations.