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SUI: $4.23 or $3.37, which way will the token go?
In a surprising turn of events, Sui’s (SUI) price has seen an uptick in the last 24 hours, rising by over 5% to trade at $4.23 with a market capitalization of more than $12.38 billion.
However, despite this recent surge, market indicators are hinting at a potential drop towards $3.37. The Social Volume and Trading Volume have both seen a decline, which could trigger a bear rally. This is in contrast to the popular crypto analyst Ali Martinez’s tweet stating that 77% of traders on dYdX with open SUI Futures positions are betting on the price going up.
To determine the token’s future direction, AMBCrypto analyzed various market datasets and found a mixed picture. On one hand, the Long/Short Ratio has registered a decline, indicating an increase in short positions in the market compared to long positions. This could lead to a price correction as bearish sentiments rise.
On the other hand, technical indicators are also suggesting a potential price correction in the coming days. The Money Flow Index (MFI) and Chaikin Money Flow both registered downticks, indicating rising selling pressure.
Source: ambcrypto.com
