SUI Open Interest Hits $1.82 Billion Amid Price Surge — Is the Rally Sustainable or Due for a Pullback?

SUI, one of the rising stars in the altcoin market, has seen a significant surge in both price and investor engagement this week. Over the past 48 hours alone, the token has climbed nearly 20%, reinforcing a bullish trend that has been building steadily for the past three weeks.

This sharp price movement has been accompanied by a notable spike in open interest—an indicator that often signals heightened trader activity. In just two days, SUI’s open interest ballooned from $1.42 billion to $1.82 billion, marking a 28% increase. This $400 million boost suggests that futures traders are increasingly betting on continued price growth.

Market Sentiment Leans Bullish

Backing this optimism is a positive funding rate, indicating that the majority of traders are holding long positions rather than shorting the token. In practical terms, this reflects a growing consensus that SUI’s price has more room to rise. When paired with the surge in open interest, it paints a picture of confidence from market participants hoping to profit from the token’s upward momentum.

Further adding to this narrative is the Chaikin Money Flow (CMF) indicator, which has reached its highest point in nearly four months. A high CMF reading means capital inflows are outpacing outflows—a signal that investor demand is strengthening. This suggests that the recent price rally is not just driven by short-term speculation but supported by broader market conviction.

Testing a Critical Price Level

At the time of writing, SUI is trading at $3.96 and is nearing a key resistance level of $4.05. A breakout above this level would be significant. Not only would it reinforce the current bullish trajectory, but it could also pave the way for further gains, with short-term targets projected at $4.79 and potentially $5.00.

However, technical resistance often brings heightened volatility. If SUI fails to breach the $4.05 mark convincingly and falls below support at $3.59, it could indicate a weakening of bullish momentum. In such a scenario, a further drop to $3.18 is possible—effectively breaking the current uptrend and signaling a potential shift in market sentiment toward the bearish side.