In a dynamic twist in the cryptocurrency market, SUI has captured the attention of crypto enthusiasts with an impressive 13% price surge over the past 24 hours. Despite this upward momentum, a growing number of traders are placing their bets on short positions, anticipating a potential decline in value.
Traders’ Eyes on Potential Price Decline
According to insights from on-chain analytics firm Coinglass, a substantial 71% of traders on Binance are currently engaging in short positions. This trend reveals a prevailing belief among these traders that SUI’s price may decrease in the coming days. Conversely, only 29% of traders are maintaining long positions. This data underscores a bearish market sentiment for SUI, potentially paving the way for increased selling pressure and a consequent price drop.
SUI Technical Analysis and Noteworthy Levels
In a detailed technical analysis, experts have pinpointed SUI’s current position at the $2 level. Historically, this has been a critical point where SUI experienced a significant price drop of over 50%. The active short positions observed on Binance suggest a similar pattern may unfold once again. Based on the recent price trends, if SUI fails to secure a daily close above $2.2, it could face a substantial decline of 20%, possibly reaching the $1.62 mark in the days ahead. Conversely, maintaining a level above $2.2 could open doors to new highs in the near future.
Furthermore, SUI’s Relative Strength Index (RSI) is presently in the overbought zone, hinting at a possible price correction or a decline in the near term.
SUI’s Current Price Momentum
At present, SUI is trading at approximately $2.04, following a significant 13% surge within the last 24 hours. During this period, its trading volume has soared by 145%, reflecting heightened participation from traders and investors as the price recovery unfolds. The underlying reason for this remarkable rally is attributed to SUI’s inclusion in Bybit’s Launchpool. Bybit’s Launchpool provides users the opportunity to stake tokens and earn additional SUI or other rewards. This inclusion is particularly noteworthy as Launchpool typically features tokens from the Mantle ecosystem, making SUI’s addition an intriguing deviation from the norm.
As the market continues to evolve, the performance of SUI remains a focal point for traders and investors alike. Observing the interplay of market sentiments, technical analysis, and innovative staking opportunities will be key in navigating the potential price shifts of SUI in the cryptocurrency landscape.
