Sui Price Holds Steady Above $3.80 After Key Support Bounce
Sui (SUI) price trades above $3.80 on Thursday. It bounced back from a key support level earlier this week. On-chain data shows growing interest in Sui. Decentralized exchange (DEX) trading volume is rising. Funding rates remain positive, supporting a bullish outlook. Technical indicators suggest SUI could rise further. The next target is $4.44.
On-Chain and Derivatives Data Show Bullish Signs
Data from DeFiLlama shows SUI’s DEX trading volume increased from $552.91 million on Saturday to $561.63 million on Thursday. This is the highest volume in September. The rise indicates more trader interest and better liquidity.
Derivatives data also support a rally. Coinglass’s funding rate data shows more traders expect SUI’s price to rise than fall. The funding rate stands at 0.0091% on Thursday. This means longs are outperforming shorts, adding to the positive sentiment.
Sui Price Forecast: Bulls Target 16% Gain to $4.44
SUI broke above a falling wedge pattern on September 10 and gained nearly 10% by Saturday. It then corrected 7.83% on Sunday. On Tuesday, SUI found support near the 50-day Exponential Moving Average (EMA) at $3.55. The price rose 4.76% the next day. On Thursday, SUI trades around $3.82.
If the upward trend continues, SUI could rise 16% to reach $4.44, its July 28 high. The Relative Strength Index (RSI) is 59, above neutral 50, showing growing bullish momentum. The Moving Average Convergence Divergence (MACD) indicator showed a bullish crossover on September 7. This supports a continued upward trend.
If SUI corrects, it may drop back toward the 50-day EMA at $3.55.
