SUI has witnessed a significant surge in its price, increasing by almost 20% within a span of two days. This uptrend follows a continuous positive trend over nearly three weeks, driven by heightened interest from SUI supporters.

The growing market optimism surrounding the altcoin has attracted the attention of investors, setting the stage for potential further price movements.

Traders in SUI are optimistic about potential gains as the Open Interest has spiked by 28% in just 48 hours, climbing from $1.42 billion to $1.82 billion. This notable increase reflects a rising interest in the Futures market, with traders keen on benefiting from the bullish momentum of the altcoin.

The positive funding rate also reinforces this positive sentiment, indicating a dominance of long positions over short positions. This suggests that traders anticipate a continued upward trajectory in SUI's price, contributing to the bullish outlook on the coin.

The surge in Open Interest and positive funding rate signals an inflow of more capital into SUI, solidifying its standing in the market. With an increasing number of traders taking long positions, this momentum could potentially drive the price even higher, creating a positive feedback loop.

Technical indicators align with SUI's macro momentum, with the Chaikin Money Flow (CMF) currently at a near four-month peak, signifying a preference for inflows over outflows.

The uptrend in CMF implies that investors are actively seeking to leverage the rising value of SUI, further bolstering demand for the altcoin.

As more capital flows into the market, the upward momentum of SUI may persist, pushing its price to new highs. The rise in CMF reflects a general positive sentiment in the market and suggests that the altcoin's rally is backed by strong investor trust.

SUI's price has surged by close to 20% in the past 48 hours, standing at $3.96 at the time of writing. The altcoin is now approaching a key resistance level at $4.05.

Breaching this barrier successfully could sustain the ongoing uptrend of nearly three weeks and pave the way for additional price gains. This level holds significance for the continuation of the rally.

Should SUI manage to turn $4.05 into support, it could pave the way for further upward movement. Potential future targets may include $4.79 or higher, with $5.00 emerging as a feasible target.

A sustained rally beyond this point would indicate a strong bullish sentiment and further price appreciation.

Conversely, if SUI fails to surpass $4.05 and experiences a reversal, it might drop to $3.59. Losing this support level would hint at a potential weakening of the bullish momentum, possibly leading to a decline to $3.18.

In such a scenario, the current uptrend would be invalidated, shifting the market sentiment towards a bearish direction.