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Despite the strong breakout of $1.16, SUI looks weak and could fall in the coming days.
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SUI could soar 20% to $1.42 if it closes the daily candle above $1.20.
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Open interest in SUI Future fell 5.5% over the past 24 hours, indicating weakening investor interest.
Sui (SUI) experienced a notable price rally in this struggling cryptocurrency market, leading to a strong breakout of the resistance at $1.16. SUI sentiment has turned bullish since this breakout, but it looks like a potential rate cut could dampen this positive sentiment.
SUI Price Momentum
On September 18, 2024, SUI prices initially increased by more than 7%. However, as we move closer to the Fed’s potential rate cut decision, SUI has lost all of its gains.
At press time, SUI is trading around $1.17 and has risen over 1.5% in the last 24 hours. Additionally, it reached $1.222 during Asian trading, but has been falling steadily since then.
Over the same period, SUI trading volume fell 10%, indicating lower participation by traders and investors due to a potential upcoming US rate cut.
SUI Technical Analysis and Upcoming Level
According to expert technical analysis, despite the strong breakout of the $1.16 level, SUI looks weak and could fall in the coming hours or days due to waning interest from investors and traders. However, the SUI is trading above the 200 exponential moving average (EMA), indicating that it is still in an uptrend.
Based on the historical price performance, there is a high possibility that the SUI price could rise by 20% to the $1.42 level in the coming days. However, this will only happen if the SUI closes the daily candle above the $1.20 level, otherwise it may struggle to reach the $1.40 level.
Declining future open interest
Currently, on-chain SUI indicators are giving a bearish signal. According to data analytics firm Coinglass, SUI’s open interest in the future fell 5.5% over the past 24 hours, indicating weakening interest from investors and traders, possibly due to upcoming events.
