{"id":422862,"date":"2024-09-12T18:00:50","date_gmt":"2024-09-12T12:30:50","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=422862"},"modified":"2024-09-12T14:21:26","modified_gmt":"2024-09-12T08:51:26","slug":"sui-rises-16-as-open-interest-hits-5-month-high-next-target-2","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/sui-rises-16-as-open-interest-hits-5-month-high-next-target-2\/","title":{"rendered":"SUI rises 16% as open interest hits 5-month high &#8211; Next target $2?"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">SUI was leading the crypto market recovery with a 16% rise in 24 hours.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">High market interest could see SUI break out of an ascending triangle pattern as open interest reached a five-month high.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The cryptocurrency market rebounded on Thursday, with <\/span><a href=\"https:\/\/ambcrypto.com\/bitcoin-ath-when-what-btcs-current-levels-suggest\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><\/a><span style=\"font-weight: 400;\"> edging above $58,000 as traders reacted to the news of cooling US inflation. <a href=\"https:\/\/ambcrypto.com\/predictions\/sui-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Sui Network [SUI]<\/a> led the gains with a 16% increase to trade at $1.03 at the time of writing.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">SUI\u2019s gains came amid high market interest in the altcoin. Data from <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/sui\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\"> showed that trading volumes have soared by 53% as of press time.\u00a0<\/span><\/p>\n<h2><strong>SUI\u2019s bullish breakout\u00a0<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">The surge in SUI trading volumes came as the price touched the upper boundary of the ascending triangle pattern on the one-day chart.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The volume profile indicator shows a cluster of trading volumes at the breakout price, which is also a key resistance level. This suggests traders are willing to buy SUI at a premium, reflecting their confidence in the uptrend.\u00a0<\/span><\/p>\n<figure id=\"attachment_422865\" aria-describedby=\"caption-attachment-422865\" style=\"width: 1721px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/SUIUSDT_2024-09-12_08-49-53.png\"><img decoding=\"async\" class=\"wp-image-422865 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/SUIUSDT_2024-09-12_08-49-53.png\" alt=\"\" width=\"1721\" height=\"802\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/SUIUSDT_2024-09-12_08-49-53.png 1721w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/SUIUSDT_2024-09-12_08-49-53-300x140.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/SUIUSDT_2024-09-12_08-49-53-1024x477.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/SUIUSDT_2024-09-12_08-49-53-768x358.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/SUIUSDT_2024-09-12_08-49-53-1536x716.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/SUIUSDT_2024-09-12_08-49-53-1200x559.png 1200w\" sizes=\"(max-width: 1721px) 100vw, 1721px\" \/><\/a><figcaption id=\"caption-attachment-422865\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">SUI price was also above the Point of Control (POC) line, which strengthens the bullish thesis as buyers dominate in this range.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Relative Strength Index (RSI) at 64 shows that despite the influx of buyers, SUI is not yet overbought, and there is room for further growth.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The uptrend will face potential resistance at $1.17. As seen in the volume data, there were significantly fewer traders clustered at this price, which could result in a consolidation.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Separately, $1.17 was also a strong barrier as data from Hyblock Capital shows that there is an influx of liquidation orders at this price. If SUI approaches this level, the uptrend could weaken unless the buying momentum remains strong.<\/span><\/p>\n<figure id=\"attachment_422866\" aria-describedby=\"caption-attachment-422866\" style=\"width: 1222px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/new-plot-1-2.png\"><img decoding=\"async\" class=\"wp-image-422866 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/new-plot-1-2.png\" alt=\"\" width=\"1222\" height=\"573\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/new-plot-1-2.png 1222w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/new-plot-1-2-300x141.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/new-plot-1-2-1024x480.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/new-plot-1-2-768x360.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/new-plot-1-2-1200x563.png 1200w\" sizes=\"(max-width: 1222px) 100vw, 1222px\" \/><\/a><figcaption id=\"caption-attachment-422866\" class=\"wp-caption-text\">Source: Hyblock Capital<\/figcaption><\/figure>\n<h2><strong>Open interest hits highest level since March\u00a0<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">The derivatives market showed rising interest in SUI. Data from <a href=\"https:\/\/www.coinglass.com\/currencies\/SUI\" target=\"_blank\" rel=\"noopener\">Coinglass<\/a> revealed that open interest rose by more than 30% within 24 hours from $217 million to $270 million at press time.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">SUI\u2019s open interest is currently at the highest level in five months. This signals that there is growing confidence in the current uptrend as traders create new positions.<\/span><\/p>\n<figure id=\"attachment_422867\" aria-describedby=\"caption-attachment-422867\" style=\"width: 1792px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/SUI-OI.png\"><img decoding=\"async\" class=\"wp-image-422867 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/SUI-OI.png\" alt=\"\" width=\"1792\" height=\"631\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/SUI-OI.png 1792w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/SUI-OI-300x106.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/SUI-OI-1024x361.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/SUI-OI-768x270.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/SUI-OI-1536x541.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/SUI-OI-1200x423.png 1200w\" sizes=\"(max-width: 1792px) 100vw, 1792px\" \/><\/a><figcaption id=\"caption-attachment-422867\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Realistic or not, here\u2019s\u00a0<a href=\"https:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">SUI market cap in BTC\u2019s terms<\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Given that funding rates have also flipped positive, the higher OI suggests that traders are increasing their long positions on SUI. This confirms the bullish sentiment that the token is headed for more gains.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Furthermore, the long\/short ratio has made a significant jump to the highest level in weeks, which indicates more traders are making bets on the price rising.\u00a0<\/span><\/p>\n<figure id=\"attachment_422868\" aria-describedby=\"caption-attachment-422868\" style=\"width: 1797px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Sui-long-short-ratio.png\"><img decoding=\"async\" class=\"size-full wp-image-422868\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Sui-long-short-ratio.png\" alt=\"\" width=\"1797\" height=\"523\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Sui-long-short-ratio.png 1797w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Sui-long-short-ratio-300x87.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Sui-long-short-ratio-1024x298.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Sui-long-short-ratio-768x224.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Sui-long-short-ratio-1536x447.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Sui-long-short-ratio-1200x349.png 1200w\" sizes=\"(max-width: 1797px) 100vw, 1797px\" \/><\/a><figcaption id=\"caption-attachment-422868\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SUI Open Interest is currently at the highest level in five months<\/p>\n","protected":false},"author":99,"featured_media":422939,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-422862","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>SUI rises 16% as open interest hits 5-month high - Next target $2? 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