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SUI’s price increased in the last 24 hours, and the trend might continue if…
Sui [SUI] had a bad week like many other cryptos as its price dropped. However, the last 24 hours have been kind to investors as SUI’s price surged by more than 5%. At the time of writing, the token was trading at $4.23 with a market capitalization of over $12.38 billion.
A recent tweet from popular crypto analyst Ali Martinez caught attention. He revealed that a staggering 77% of traders on dYdX who have open SUI Futures positions are betting on a price increase. AMBCrypto, therefore, checked other datasets to see if the market sentiment aligns with this tweet.
Despite the latest price rise, the token’s trading volume dropped significantly, which can trigger a bear rally. Moreover, its Social Volume also declined, indicating a possible price drop amidst a bull rally. According to Santiment, SUI’s Social Volume had a sharp decline in recent times.
AMBCrypto analyzed Coinglass’ data and found that the Long/Short Ratio registered a decline. This meant there were more short positions in the market compared to long positions. A hike in short positions often results in price corrections.
Furthermore, technical indicators are hinting at a price correction in the coming days. The Money Flow Index (MFI) has taken a downtick, indicating that selling pressure is rising. The Chaikin Money Flow also mirrored this trend.
If SUI’s price continues to rise and maintain its bullish momentum, it could potentially reach $4.7 by the end of the year.
Source: ambcrypto.com
