but It witnessed notable interest from investors and traders as the project attracted a significant influx of liquidity amid rising market sentiment, underscoring the growing confidence towards cryptocurrency assets. This capital appreciation has led to increased trading activity and expanded asset availability on many exchanges, indicating that the market is confident in SUI’s future performance.
High liquidity levels at SUI
Modern a report From Alphractal, an advanced investment data analysis platform, reveals that SUI’s liquidity flow has increased significantly as investors grow increasingly interested in blockchain’s scalability and scalability potential.
Data from the investment platform shows that SUI has mobilized significant liquidity over the past three months, indicating the potential for further liquidation in the long term. If the price of the digital asset falls below the $1.6 level, Alphractal has warned that many long positions will be liquidated.
Although the main one filtering Last month the pool was at $2.2 and the majority of open positions, which were mostly long positions from the previous month, were also liquidated.
Moreover, a similar trend has continued over the past seven days, with unliquidated short positions steadily accumulating while most long positions were liquidated during this period.
Alphractal also noted in the report that open interest (OI) for SUI has turned bearish, falling to around $370 million, indicating a potential shift in interest. This decrease in open interest may indicate that traders are adjusting their positions due to uncertainty and potential volatility.
Although the funding rate is still negative, the platform indicated that the ratio of long and short funding is continuing BinanceThe largest crypto exchange, OK xand Bybit It has started to increase again in the near term. Meanwhile, with liquidations of over $5 million in a single day, open interest and market cap are currently around 7%.
The upward movement of the asset is set to continue
The overall cryptocurrency market has seen a positive performance, with SUI greatly benefiting from this shift. After falling to the $1.7 price level, the token has been trending upward, attracting massive capital inflows from investors.
Currently, the digital asset is trading at $2.31, indicating an increase of more than 18% in the past day. However, market technician and trader, Jonathan Carter, is bullish Climate prediction This indicates that the rally is not over yet, anticipating a move to the $2.35 level.
According to the analyst, on the 12-hour time frame, the token is creating a symmetrical triangle, with a strong support area between the bottom of the triangle and the 100 moving average (MA) indicating a Bounce possible. Should the asset break out of the pattern, Carter expects a move towards multiple targets at $1.97, $2.11 and $2.35 in the short term.
Featured image from Shutterstock, chart from Tradingview.com
Comments are closed, but trackbacks and pingbacks are open.