As a seasoned researcher with years of experience in the cryptocurrency market, I must say that SUI‘s current momentum has caught my attention. Having witnessed numerous bull and bear cycles, I can confidently say that the long/short ratio, trading volume surge, and open interest spike all point to a potential breakout for SUI.
It’s possible that SUI (SUI) may experience an upward surge soon, as cryptocurrency investors anticipate the token to surpass $2. The strong fundamentals of SUI suggest that it might outperform other cryptos during this market cycle, making it a potential top performer.
SUI Eyes Breakout With Traders Going Long
SUI could be on the brink of a significant surge, as investors predict its price to climb upwards. Data from Coinglass suggests that the long/short ratio is at 1.3, meaning that approximately 56.65% of traders are buying SUI, while only 43.35% are selling it. The trading volume for SUI’s derivative products has increased by more than 33%, suggesting that these investors are quite optimistic about the crypto’s upward trend.
Currently, open interest is surging by over 14%, indicating a significant surge of interest in SUI. It seems long traders are dominating the scene as short positions have seen more closures. Data from Coinglass reveals that approximately $5.14 million worth of short positions were liquidated within the last day, while only $1.58 million in long positions were.
The surge in SUI price looks promising since it might effortlessly surpass the breakout point due to an increased exit of short traders from their positions. Additionally, the coin’s strong performance over an extended period and its robust fundamentals and technical indicators hint at a potential prolongation of this bullish trend. Remarkably, SUI has soared by more than 100% in the past month, catapulting it into the top 20 cryptocurrencies in the market.
“Key factors propelling a potential price surge for the coin are the rapidly increasing decentralized finance (DeFi) activities on the Sui network. Data from DeFiLlama indicates that the volume of decentralized exchanges (DEXs) on the network has increased more than 50% in the past week. Moreover, the Total Value Locked (TVL) in the network is also growing, as it just surpassed $1 billion recently.
A Price Breakout To $2.50
crypto analyst Michael Van De Poppe anticipates that the SUI token might soon surge up to around $2.50. He highlighted that the coin displayed a robust rebound at approximately $1.79 in price. Consequently, he foresees the price trending towards new peak levels, possibly reaching between $2.20 and $2.50.
Moving forward, reaching this price bracket becomes notable because it represents a fresh peak (new all-time high) for the SUI token, with its current highest point being $2.18. Notably, crypto analyst The Cryptomist suggests that the upcoming weekly close could influence the coin’s direction. She posits that if the price surpasses $1.91, it could trigger further exploration of higher values.
Currently, SUI is approximately valued at $2, marking an increase of more than 11% within the past 24 hours, as reported by data from CoinMarketCap.
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2024-10-13 02:46