SUI Surges 30% in Six Days Amid Market-Wide Short Squeeze

The cryptocurrency SUI has seen a significant surge in price over the past six days, rising by as much as 30% in a short period. This increase is largely attributed to a market-wide short squeeze that pushed altcoins higher, with SUI being one of the top gainers.

According to data from various sources, Bitcoin reached around $85,000 during this time, leading to roughly $740 million in liquidations over 24 hours. A significant portion of this, approximately $650 million, came from short positions that were forced to become buyers due to the market's upward momentum.

Crypto analyst CryptoKaleo pointed out on X that SUI had broken through a key resistance level of $1.00 and was poised for further gains. He noted that 'the squeeze from $1.00 to $2.00 should happen swiftly from here.'

The surge in price has also been accompanied by an increase in futures open interest, which jumped 28.9% to around $402 million. This indicates that traders were adding new leveraged long positions alongside the underlying market squeeze.

Looking ahead, technical analysts point out that SUI's next key level of support is at $0.9725, with a drop below $0.9542 potentially sending price back into its previous range.