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SUI Eyes Breakout With Traders Going Long
The cryptocurrency SUI is on the cusp of a significant breakout, capturing the attention of traders who are optimistic about its upward trajectory. According to recent data from Coinglass, the long/short ratio for SUI stands at 1.3, indicating that 56.65% of traders are placing long bets on this cryptocurrency, while 43.35% are shorting it. This growing confidence among traders is further evidenced by a remarkable 33% increase in trading volume for SUI’s derivatives.
Moreover, the open interest for SUI has surged over 14%, underscoring the heightened interest and activity surrounding this asset. The data reveals that long traders appear to have the upper hand, as short positions have faced more liquidations, totaling $5.14 million in the past 24 hours, compared to $1.58 million for long positions. This trend suggests that the SUI price is poised for a breakout, likely driven by short traders exiting their positions. Bolstered by strong fundamentals and technical analysis, SUI’s upward momentum appears sustainable. In fact, over the past month, SUI has soared by more than 100%, securing a spot among the top 20 cryptocurrencies.
DeFi Activity Boosting SUI’s Prospects
SUI’s market cap currently stands at an impressive $5.8 billion, and the coin’s fundamentals provide further support for a continued price rally. The Sui network has experienced a surge in decentralized finance (DeFi) activity, with DeFiLlama reporting that decentralized exchange (DEX) volume has increased by more than 50% in the past week. Additionally, the network’s Total Value Locked (TVL) recently surpassed the $1 billion milestone, highlighting the growing trust and engagement with Sui’s DeFi ecosystem.
A Price Breakout To $2.50
Renowned crypto expert Michael Van De Poppe has predicted that SUI’s price could soon reach as high as $2.50. He observed a robust bounce at the $1.79 price level, leading him to anticipate further upward movement, potentially achieving new highs between $2.20 and $2.50. Achieving this price range would signify a new all-time high (ATH) for SUI, whose current ATH is $2.18. Meanwhile, crypto analyst The Cryptomist has emphasized the importance of SUI’s weekly close, suggesting that a break above $1.91 could pave the way for price discovery.
As of now, SUI is trading around $2, marking an impressive 11% increase over the last 24 hours, according to CoinMarketCap data. The ongoing bullish sentiment and robust fundamentals position SUI as a promising candidate for sustained growth in the cryptocurrency market.
Related Reading
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