SUI Eyes Bullish Breakout As Crypto Traders Go Long Above $2 – What’s Next?
13 Ottobre 2024 - 1:30AM
NEWSBTC
Sui (SUI) could witness a bullish breakout soon enough, with crypto
traders betting on the crypto climbing above $2. SUI’s fundamentals
also paint a bullish picture for the crypto and indicate that it
could be one of the best performers in this market cycle. Related
Reading: Baby Doge Coin Rockets 200% In 30 Days – What’s On The
Horizon? SUI Eyes Breakout With Traders Going Long SUI could be on
the verge of a breakout, with traders betting that the crypto will
rise higher. Coinglass data shows that the long/short ratio is
currently at 1.3, with 56.65% of traders opening long positions on
SUI compared to 43.35% of traders with short positions. Trading
volume for SUI’s derivatives has surged by over 33%, indicating
that these traders are very confident about the crypto rising
higher. Meanwhile, open interest is also up by over 14%,
further confirming the massive attention that SUI is currently
gaining. These long traders already look to have the upper hand,
seeing how the short terms have witnessed more liquidations.
Further data from Coinglass shows that $5.14 million in short
positions have been liquidated in the last 24 hours compared to
$1.58 million in long positions. This is bullish for the SUI
price as the breakout could easily be achieved as more short
traders get shaken out of their positions. Moreover, the coin has
been rallying for a while, and its fundamentals and technical
analysis suggest that this upward trend could continue. SUI has
already rallied over 100% in the last month, breaking into the top
20 crypto ranking in the process. Fundamentals that support a
further price rally for the coin include the surging decentralized
finance (DeFi) activity on the Sui network. DeFiLlama data shows
that decentralized exchange (DEX) volume on the network has shot up
over 50% this last week. The network’s Total Value Locked (TVL) is
also rising, as it recently crossed the $1 billion mark. A
Price Breakout To $2.50 Crypto expert Michael Van De Poppe
predicted that the SUI price could rise to as high as $2.50 soon
enough. He noted that the coin achieved a strong bounce at the
$1.79 price level. In line with this, he expects the price to
continue towards new highs, potentially reaching between $2.20 and
$2.50. A rally to this price range is significant as it will
mark a new all-time high (ATH) for the SUI price, whose current ATH
is $2.18. Meanwhile, crypto analyst The Cryptomist indicated that
the coin’s weekly close is likely to determine its next move. She
claimed a break above $1.91 would lead to price discovery.
Related Reading: Helium (HNT) Falters 15% As Crypto Market Tries To
Bounce Back At the time of writing, SUI is trading at around $2, up
over 11% in the last 24 hours, according to data from
CoinMarketCap. Featured image from Pexels, chart from
TradingView
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