Sui (SUI) traded in positive territory near $3.82 on Thursday, extending gains after rebounding from key support earlier in the week. Rising on-chain activity and bullish derivatives positioning reinforce the case for further upside, with technical indicators pointing toward $4.44 as the next major resistance.
On-chain and derivatives data support bullish sentiment
According to DeFiLlama, Sui’s decentralized exchange (DEX) trading volume climbed from $552.91 million on Saturday to $561.63 million on Thursday, the highest level recorded this month. The uptick signals growing trader participation and liquidity, strengthening the bullish outlook for SUI.
Derivatives data also reflect improving sentiment. Coinglass reported that SUI’s OI-Weighted Funding Rate rose to 0.0091% on Thursday, suggesting that long positions are increasingly outpacing shorts. The shift indicates traders are positioning for higher prices rather than a decline.
Technical outlook points to extended rally
SUI broke out of a falling wedge pattern on September 10, triggering a 10% rally by Saturday. However, the token later corrected 7.83% before regaining momentum after retesting support at the 50-day Exponential Moving Average (EMA) near $3.55. From there, it bounced nearly 5% and continues to hold above the $3.80 level.
If bullish momentum persists, SUI could extend gains by 16% from current levels, targeting the July 28 high at $4.44. The Relative Strength Index (RSI) stands at 59, above the neutral 50 mark and trending upward, signaling strengthening momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator confirmed a bullish crossover on September 7, which remains in play and supports the upward bias.
