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Sui (Sui) It could see a bullish breakout soon enough, with cryptocurrency traders betting on the cryptocurrency rising above $2. SUI fundamentals also paint a bullish picture for the cryptocurrency and suggest that it could be one of the best performing currencies in the world. This market cycle.
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SUI looks to breakout as traders buy
SUI may be on the verge of a breakout, as traders are betting that the cryptocurrency will rise. Coinglas data It shows that the buy/sell ratio is currently 1.3, with 56.65% of traders long on SUI compared to 43.35% of traders short. Trading volume for SUI derivatives rose by more than 33%, indicating that these traders are very confident about the cryptocurrency’s rise.
Meanwhile, Open interest It was also up over 14%, underscoring the tremendous interest SUI is currently gaining. These long-term traders are already looking to get the upper hand, seeing how short contracts have seen more liquidations. Additional data from Coinglass shows $5.14 million in short positions Filtered In the last 24 hours compared to $1.58 million in long positions.
This is bullish for SUI price as a breakout could be easily achieved as more short traders exit their positions. Moreover, the coin has been on the rise for some time, and its fundamentals and technical analysis suggest that this upward trend may continue. The SUI has actually gone up More than 100% in the past month, breaking into the top 20 cryptocurrency rankings in the process.
Fundamentals supporting further rise in coin prices include increasing decentralized finance (DeFi) activity on the Sui Network. Devilama data It shows that decentralized exchange (DEX) volume on the network has increased by over 50% this past week. The network’s total value locked (TVL) is also rising, recently surpassing the $1 billion mark.
Price breakout to $2.50
Cryptocurrency expert Michael van de Poppe And he expected that Normal price It could rise to the $2.50 level soon enough. he male The currency achieved a strong rebound at the $1.79 price level. In line with this, the price is expected to continue towards new highs, potentially reaching between $2.20 and $2.50.
A rise to this price range is important because it will mark a new mark All time high (ATH) For the SUI price, the current ATH is $2.18. Meanwhile, cryptocurrency analyst The Cryptomist noted that the coin’s weekly close will likely determine its next move. She claimed that a break above $1.91 would lead to price discovery.
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At the time of writing, SUI is trading at around $2, up more than 11% over the past 24 hours, according to Data From Coin Market Cap.
Featured image from Pexels, chart from TradingView