Austen’s Take: SUI’s Dashing Bullish Breakout 🌟

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Key Observations

  • SUI, with a charming 8% ascent, finds itself on the precipice of a breakout from a symmetrical triangle. The rising Open Interest, the dominance of buyers, and the liquidation of shorts suggest a promising turn of events.

It is a truth universally acknowledged, that a cryptocurrency in possession of a good fortune must be in want of a breakout. Sui [SUI], having coiled within a symmetrical triangle for months, now finds itself on the cusp of a significant move.

The network, with its ever-growing assembly of 225 million accounts, has seen a marked increase in user adoption and engagement. After several attempts to breach the lower supports, buyers have gradually reclaimed higher lows, much to the delight of the bulls.

At the time of this writing, SUI has ascended to the lofty height of $3.53, marking a 9.01% intraday gain. This upward trajectory has brought the price perilously close to the triangle’s upper boundary.

A sustained breakout above $3.50 could indeed set the stage for a grand display of bullish momentum.

Thus, the tightening price structure now places the bulls in a position of power, provided that volume and sentiment continue to align in their favor.

Is Futures Buyer Pressure Building Toward a Breakout Confirmation?

Over the last 90 days, the Futures Taker CVD data has revealed a delightful dominance of buyer activity, with takers consistently executing more buy orders than sells.

This cumulative buy-side aggression signals a growing confidence among derivatives traders, a sentiment that aligns perfectly with SUI’s rising price and the bullish triangle thesis.

Furthermore, this persistent buyer dominance could serve as a robust support mechanism against any short-term attempts to push prices lower.

If buyers continue to hold the reins, a breakout above the triangle may be imminent.

Will Rising Open Interest Push SUI into Higher Volatility?

Open Interest (OI) has increased by 12.67%, reaching a substantial $1.59 billion across derivatives markets. This surge in open contracts reflects a greater influx of participants and a heightened risk exposure as traders prepare for a decisive move.

The rise in OI suggests that capital is entering the market with the expectation of volatility, potentially stemming from a triangle breakout.

Therefore, the combination of rising OI and bullish Taker CVD reinforces the probability of a continuation to the upside.

However, should the bulls falter, leveraged longs could face a more precarious position.

Are Short Traders in Trouble as Liquidations Spike?

At the time of this report, short liquidations have reached a staggering $1.27 million, nearly double the $641.92K in long liquidations.

These spikes, observed across major exchanges such as Binance and Bybit, reflect intense pressure on bearish positions. This imbalance suggests that sellers are increasingly finding themselves on the wrong side of the market as the price climbs.

Moreover, short liquidations are often associated with rapid upward wicks, further fueling bullish momentum.

Therefore, the recent liquidation trend adds momentum to the current rally and may trigger additional upside if shorts continue to unwind.

Will SUI’s Breakout Attempt Finally Hold Above $3.5?

SUI’s current setup, with its tightening pattern, dominant buyer presence, rising OI, and short-side liquidations, all point to a favorable outcome for the bulls.

However, the breakout must be sustained above $3.5 to confirm a trend shift and avoid the dreaded fakeout.

If buyers maintain their momentum, SUI could rally further, but a failure to close above this crucial level may invite renewed selling pressure.

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2025-07-12 01:27