The cryptocurrency SUI is drawing trader focus as it challenges a key $1.018 resistance zone following a bounce from support, with analysts watching for a breakout signal. Market data shows a 159% surge in 24-hour trading volume to $737 million as the token consolidates, while derivatives activity spikes and bullish momentum indicators turn positive. Short position liquidations dominated the market, totaling $1.06 million, as open interest climbed above $540 million.
The cryptocurrency SUI is testing the $1.018 resistance level after rebounding from a support area, with analysts monitoring for potential breakout signals. “SUI has been preserving its consolidation zone while indicating the development of stronger momentum,” highlighted analyst Crypto TXG.
SUI is currently trading at $1.05, marking a 5.74% gain in the last 24 hours according to CoinMarketCap. The token’s trading volume saw a 159.76% increase to $737 million while monthly gains reached 4.65%.
Analyst BitGuru mentioned the asset is stabilizing after a recent correction, creating a range between major support and resistance levels. The analyst added that maintaining the lower edge of the range remains crucial for future price action.
Technical indicators show the Relative Strength Index at 60.59, suggesting increased buying pressure. The Moving Average Convergence Divergence indicator also shows bullish momentum with the MACD line at 0.0020 above its signal line.
Derivatives data from CoinGlass reveals open interest rose 9.05% to $540.27 million, with trading volume increasing 120.07% to $1.04 billion. The OI-weighted funding rate sits at 0.0076%, indicating demand for long positions.
Liquidation data shows total liquidations reached $1.27 million over 24 hours, with short liquidations accounting for $1.06 million. Long liquidations totaled $208,150, indicating greater pressure on bearish traders during SUI’s price increase.
