SUI Bulls Charge: Traders Stack Long Positions as Open Interest Signals 15% Rally Ahead
Futures markets flash green—SUI’s open interest surge hints at a bullish stampede. Traders are piling into long bets like Wall Street discovering ’the next big thing’ (again).
Key drivers? Whale accumulation and a suspiciously timed liquidity pump—classic crypto. Technicals suggest $SUI could rip past immediate resistance if BTC holds steady.
Just remember: In crypto, ’irrational exuberance’ isn’t a risk factor—it’s the business model.
Sui Open Interest chart. Source: Coinglass
Another bullish sign is Coinglass’s SUI long-to-short ratio, which reads 1.09, the highest level in over a month. This ratio above one reflects bullish sentiment in the markets as more traders are betting on the asset price to rise.
SUI long-to-short ratio chart. Source: Coinglass
Earlier on Tuesday, Sui highlighted on its official X post a collaboration between Adidas and XOCIETY, a flagship Web3 game on Sui’s blockchain, integrating exclusive Adidas digital apparel as NFTs, which aligns with Adidas’ ongoing Web3 efforts. This collaboration is a positive signal for Sui Network, enhancing its adoption, ecosystem growth, and token utility.
adidas x @xocietyofficial is more than a collab — it’s a statement.
Web3 gaming isn’t coming. It’s here.
And it’s dripping in culture, identity, and onchain permanence.
Built on Sui. Built for the future. 🛠️👟 https://t.co/RxGgBuHnVI
Sui Price Forecast: SUI bulls aim for over 15% gains
Sui’s price has been rejected around its daily level of $3.65 since last week, consolidating within a tight range until Wednesday. At the time of writing on Thursday, SUI trades higher by nearly 10%, approaching its daily resistance level at $3.65.
If SUI breaks and closes above $3.65 on a daily basis, it could extend the rally by over 15% from its current levels to retest the January 31 high of $4.25.
The Relative Strength Index (RSI) on the daily chart moves above 70, indicating strong bullish momentum. However, traders should be cautious as the chances of a pullback are high due to the overbought condition. Another possibility is that the RSI remains above the overbought level of 70 and continues its upward trend.
The Moving Average Convergence Divergence (MACD) indicator is about to flip a bullish crossover. If it does, it would give a buying signal and indicate an upward trend.
SUI/USDT daily chart
However, if SUI faces a correction, it could extend the decline to retest Tuesday’s low of $3.12.
