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Cryptocurrency News Articles
SUI Eyes Bullish Breakout As Crypto Traders Go Long Above $2 – What’s Next?
Oct 13, 2024 at 08:01 am
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.
Crypto traders are betting on Sui (SUI) to continue rising, with a bullish breakout possibly in sight.
According to data from Coinglass, the majority of traders are opening long positions on SUI, with the long/short ratio currently at 1.3. This indicates that 56.65% of traders are taking long positions compared to 43.35% with short positions.
Furthermore, trading volume for SUI’s derivatives has surged by over 33%, suggesting strong conviction among traders that the crypto is poised to rally higher.
Meanwhile, open interest is also up by over 14%, highlighting the increasing attention that SUI is garnering.
Adding to the bullish narrative, short terms are being squeezed out, evident from the higher liquidations on this side.
Further data from Coinglass shows that $5.14 million in short positions have been liquidated in the last 24 hours, while only $1.58 million in long positions have been liquidated.
This bodes well for the SUI price, as the breakout could be easily achieved as more short traders get shaken out of their positions.
Moreover, considering SUI’s recent rally and its fundamentals and technical analysis, the upward trend is likely to continue.
Over the last month, SUI has already surged by over 100%, propelling it into the top 20 crypto ranking.
Several factors are supporting a further price rally for the coin, including the surging decentralized finance (DeFi) activity on the Sui network.
Over the last week, decentralized exchange (DEX) volume on the network has shot up over 50%, as highlighted by DeFiLlama.
Additionally, the network’s Total Value Locked (TVL) is also rising, having recently crossed the $1 billion mark.
Crypto expert Michael Van De Poppe recently shared his price targets for SUI, predicting that the coin could rally to as high as $2.50 soon enough.
Highlighting the coin’s strong bounce at the $1.79 price level, Van De Poppe anticipates the price continuing towards new highs, potentially reaching between $2.20 and $2.50.
A rally to this price range would be 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.
According to her analysis, a break above $1.91 would lead to price discovery.
At the time of writing, SUI is trading at around $2, up over 11% in the last 24 hours, according to data from CoinMarketCap.
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