SUI Price Is 6% Away From New High Thanks to Rising Bullishness

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SUI Price Is 6% Away From New High Thanks to Rising Bullishness

This momentum has brought the altcoin close to forming a new all-time high (ATH), fueled by traders injecting fresh capital into the asset, signaling growing confidence.

SUI Traders Are Bullish

The Open Interest for SUI has doubled in just nine days, surging from $679 million to $1.26 billion. This sharp rise highlights the enthusiasm among traders, many of whom are optimistic about the asset achieving a new ATH. The increasing capital inflows into SUI suggest unrelenting support driven by expectations of substantial returns.

This heightened interest could significantly benefit SUI‘s price in the coming days. The traders’ confidence reflects a broader belief in the assets potential, providing a strong foundation for continued bullish momentum as SUI edges closer to its ATH.

SUI Open Interest. Source: Coinglass

Technical indicators support the bullish sentiment for SUI, with the Relative Strength Index (RSI) holding firm in the bullish zone. Over the past few days, the RSI has remained above the neutral line of 50.0, a signal that momentum is favoring buyers over sellers.

This sustained bullish sentiment could serve as a catalyst for further price growth. As long as the RSI stays above the neutral threshold, SUI is well-positioned to capitalize on its rising momentum, attracting even more traders and investors to the asset.

SUI RSI. Source: TradingViewSUI Price Prediction: A New High Ahead

SUI is currently less than 6% away from breaking its existing ATH of $5.36. The altcoin has shown resilience by bouncing off the support level of $4.79, suggesting that the uptrend may persist if bullish factors continue to hold.

If current conditions remain favorable, SUIs price could breach its ATH and chart new highs, rewarding its investors. However, broader market conditions will play a crucial role in determining the sustainability of this rally.

SUI Price Analysis. Source: TradingView

Conversely, a shift in market sentiment could lead to a bearish outcome. If SUI loses its footing and falls through the support level at $4.79, it may decline further to $4.05, negating the bullish outlook and dampening traders optimism.