Sui consolidates at $1.31 as open interest falls, weakening downside momentum
Sui (SUI) is consolidating around a key high-time-frame support near $1.31 — a level that aligns with the Point of Control (POC). Open interest has declined during the consolidation, suggesting unwinding of leveraged short positions and weakening bearish conviction rather than fresh selling pressure. Traders should watch for a reclaim of the POC accompanied by rising open interest and impulsive upside volume; that combination would increase the likelihood of a trend reversal toward the next major resistance at $2.99. In the near term, SUI is likely to remain range-bound around $1.31 while market participants reassess positions. Key data points: support ~$1.31 (POC), resistance ~$2.99, declining open interest indicating reduced short-side participation. Primary keywords: Sui, SUI price, open interest; secondary keywords: consolidation, Point of Control, trend reversal, resistance.
Neutral
The article describes weakening downside momentum rather than a confirmed bullish reversal. Declining open interest alongside price consolidation at the POC typically signals liquidation of leveraged shorts and reduced participation — a neutral-to-cautiously-bullish setup that requires confirmation. Historically, similar patterns (OI dropping during a sell-off and price stabilizing at a high-volume node) have produced either range-bound periods or rallies when buyers re-enter and open interest re-expands. Short-term impact: likely reduced volatility and range-bound trading around $1.31 as traders await clarity. Stop-hunters may still push price lower briefly, but broad selling pressure appears to be easing. Long-term impact: if buyers reclaim the POC and open interest rises with strong volume, a bullish rotation toward $2.99 becomes plausible; if open interest stays low and price breaks support, bearish continuation remains possible. Traders should monitor open interest, volume, and POC behavior for actionable confirmation.