SUI Extends 30% Weekly Rally, Fueled by Market-Wide Short Squeeze

• • SUI is extending a sharp rally, up roughly 31% over the past six trading sessions amid a short squeeze sweeping across the broader crypto market.
• • Fresh buying interest is also evident from a jump in futures open interest, while the market looks ahead to the Sui Basecamp conference on October 7-8.

SUI is extending a sharp rally now in its sixth straight session, up roughly 31% and briefly posting a 21.4% single-day gain, driven by a broad market short squeeze after Bitcoin approached $85000 and triggered around $650 million in short liquidations across crypto assets. Fresh buying interest is also evident from a 28.9% jump in SUI futures open interest to around $402 million, pointing to new long positions rather than simple short-covering. The current price sits around $1.02 (Rp18,207), taken from the midpoint of two independent market data sources showing a spread of under 2% ($1.03 and $1.01). At Sep 23, 2026, the market is also looking ahead to the Sui Basecamp conference on October 7-8 in Singapore, which could bring fresh ecosystem catalysts. With entry in that area, a first target of $1.05 (Rp18,742), about 2.9% from entry, and a second target of $1.10 (Rp19,635), about 7.8% from entry, are achievable if momentum continues.

A rally this sharp is vulnerable to profit-taking, especially since part of the move is being driven by a short squeeze that is inherently temporary and can reverse quickly once liquidation pressure eases. This scenario is invalidated if price breaks below the $0.97 (Rp17,314) support level.