- SUI continues defending a major weekly trendline as traders monitor confirmation before any broader trend reversal develops.
- Stable funding and rising open interest indicate derivatives traders maintain constructive positioning despite the extended market correction.
- A breakout above channel resistance could validate recovery prospects, while losing support may revive broader downside pressure.
SUI continues to hover around a critical technical level, keeping a close eye out for long-term support levels, derivatives positions and market structure to confirm the next major directional shift.
High-Timeframe Support Takes Center Stage
Crypto Patel recently shared a weekly chart outlining SUI’s critical technical position. The analysis focused on a major high-timeframe trendline. That support has contained downside pressure throughout the broader correction.
The descending channel continues defining the long-term market structure. Lower highs have repeatedly formed beneath descending resistance. Meanwhile, the lower boundary has consistently attracted buying interest.
Price has returned to that support after months of sustained weakness. Repeated support tests often attract renewed accumulation. Buyers now face another important technical challenge.
The projected recovery shown on the chart approaches roughly 291%. That measurement extends toward the channel’s upper boundary. Confirmation remains necessary before that scenario gains technical credibility.
Derivatives Data Shows Steady Positioning
The derivatives market presents a more balanced picture than price alone. Funding rates stayed close to neutral throughout the correction. Extreme bearish positioning never became the dominant trend.
Funding remained slightly positive despite persistent selling pressure. Green funding readings appeared more frequently than negative values. That pattern suggests long exposure remained relatively stable.
Open interest also continued expanding during recent sessions. Total open interest increased approximately 3.55% to nearly $525.95 million. Fresh participation entered futures markets despite lower prices.
Binance account ratios continued favoring bullish positioning across participants. Top trader positioning also remained firmly long-biased. Those metrics reflected cautious confidence rather than aggressive speculation.
Technical Confirmation Remains Essential
Crypto Patel noted that touching support alone cannot confirm a reversal. Buyers still need higher lows and improving momentum. A breakout above descending resistance remains the next confirmation signal.
Liquidation activity remained relatively controlled despite continued market volatility. Long liquidations exceeded short liquidations during recent trading. Overall leverage still appeared moderate compared with open interest.
SUI as of the time of writing, trades at $0.7533, gaining 2.20% during the past 24 hours. The token also advanced 7.27% over the previous week.Daily trading volume came to about $283.24 million.
Trendline support is holding for the positive technical outlook for now. Breaking beneath that level would weaken the current structure. Until resistance breaks, traders continue watching for stronger confirmation before declaring a sustained trend reversal.
