- SUI traded within a symmetrical triangle pattern, with a key support level providing a potential base for upside momentum.
- A slight dip remains possible as the coin sought stronger support before resuming its bullish trajectory.
Over the past 24 hours, the SUI has fallen 4.89%, indicating further downside risk in the near term. Nevertheless, the monthly gain of 24.75% underlines the asset’s broader bullish trend.
Based on technical indicators and on-chain data, SUI could soon break out of its current range and move towards a higher price zone, potentially reaching a value of $4.96 in the near term.
SUI trades within a symmetrical channel
On the 4-hour chart, SUI appears to have entered an accumulation phase and is forming a symmetrical triangle. This pattern suggests that market participants are buying at lower levels, which could cause the market to move higher.
This phase is characterized by two converging trend lines: the upper line as resistance and the lower one as support. For a rally, the SUI may need to fall to create enough support at two key levels.
First, SUI could test support at the lower trendline. Alternatively, the price could fall further to an all-time high of 3.926, which could trigger a move towards the $4.96 level. In addition, the price will probably evolve higher.
Source: TradingView
Currently, bullish momentum is supported by persistent negative net outflows, as captured by the Exchange Netflow metric on Coinglass. A negative net flow, where more assets leave the exchange than enter, often has a positive impact on the price.
Approximately $26 million worth of SUI has been withdrawn from the exchanges, including $7.11 million in the last 24 hours.
Source: Coinglass
Although the altcoin has been trading in a generally bullish environment, AMBCrypto has identified other confluences that indicate its price could experience downward pressure in the near term.
Open interest is decreasing
SUI’s Open Interest (OI) in the market fell 5.68% to $677.82 million over the past 24 hours.
A decline in OI often indicates declining participation of market participants as the number of unsettled derivative contracts decreases.
This trend is further supported by a significant decline in trading volume, which fell by 48.84% to $1.15 billion over the same period.
Source: Coinglass
The reduced trading activity and selling pressure indicate that SUI’s price could fall further, potentially testing the support at the $3.96 level based on current chart patterns.
SUI surpasses SHIB in market capitalization
SUI has become more valuable than SHIB in terms of market capitalization. At the time of writing, SUI’s market capitalization was $12.54 billion, compared to SHIB’s $12.45 billion.
Read Shiba Inu’s [SHIB] Price forecast 2025–2026
With an expected rally for SUI, the margin between the two assets is expected to widen further, potentially increasing SUI’s market capitalization even further.
