Sui Price Eyes $6.26 as Open Interest Hits Record $1.86B – 60% Rally Ahead?
Sui (SUI) surged 21% to $4.00 on May 8 as altcoins rode the coattails of Bitcoin’s $104,000 rally. Sui’s connection to Meta’s...
Quick overview
- Sui (SUI) experienced a 21% surge to $4.00, driven by Bitcoin's rally and renewed interest from Meta in stablecoins.
- The project, developed by engineers behind Meta's Diem, is gaining credibility and investor confidence, reflected in a new all-time high open interest of $1.86 billion for Sui futures.
- Technical analysis indicates a bullish trend for SUI, with a target price of $4.35 and support at $3.71.
- The Sui ecosystem is rapidly expanding, with over 10 billion transactions and a total value locked (TVL) of $1.76 billion.
Sui (SUI) surged 21% to $4.00 on May 8 as altcoins rode the coattails of Bitcoin’s $104,000 rally. Sui’s connection to Meta’s renewed interest in stablecoins – an initiative that was shelved with Diem in 2022 but is back under Ginger Baker, Meta’s new VP of Product – is fueling the breakout. The company is exploring stablecoins for global payments, especially for creators and businesses on platforms like Instagram.
This renewed focus is shining a light on Sui, a project developed by the engineers behind Meta’s Diem. That legacy brings sentiment and credibility, and is aligning with investor confidence and SUI’s price action. Notably, open interest for Sui futures hit a new all-time high of $1.86 billion according to Coinglass – up 30% in days – suggesting strong institutional and leveraged positioning.
Technical Analysis – Bull Flag Targets $6.26 for SUI
SUI/USD is at $4.00, testing the 1.0 Fibonacci extension at $3.88 after a strong breakout above the 50-period EMA at $3.62. This has put the pair in a bullish zone, with strong volume and momentum. Next resistance is the 1.618 Fibonacci level at $4.35 – a key target for bulls.
The MACD is positive but showing early signs of slowing, so we may see a short-term consolidation before the next leg up. A pullback to $3.88 could be a better entry point, with immediate support at $3.71.
Trade Setup:
Buy Above: $3.88
Take Profit: $4.35
Stop Loss: $3.71
Strategy: Buy on a pullback to $3.88, target $4.35, stop $3.71 to catch the next move up.
Key Technical Highlights:
Open Interest: $1.86B (all-time high)
Sui TVL: $1.76B
Total Transactions: 10B+
Ecosystem and Investor Activity
Beyond the charts, the Sui ecosystem is growing fast. SuiScan shows total transactions have exceeded 10B, indicating increased usage and adoption. DeFiLlama reports Sui TVL at $1.76B, close to the all-time high of $2.08B.
Funding rates are flat at 0.0074% despite open interest at $1.86B, so there’s still room to get more aggressive and enter the market
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