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SUI has been one of the top-performing layer-1s in 2024, occasionally eclipsing Ethereum and Solana [SOL] on some fronts.
Layer-1 token, SUI, has seen some interesting price movements in 2024, at times outperforming both Ethereum and Solana [SOL] on certain aspects.
During the October market recovery, SUI was among the assets that hit an all-time high. This made the SUI price retracement that followed appear irresistible to sidelined speculators.
As a result, many speculators opened long positions at around $1.6, with liquidity building up around the support for a while.
Now, Alphractal highlighted that the massive liquidity at $1.6 support could trigger wild liquidation if the price slid below the level.
Alphractal’s analysis showed that $2.2 also saw massive liquidity accumulation as longs were opened at the level. However, the positions were wiped out during the recent pullback. So, will $1.6 suffer the same fate?
On the price chart, a daily order block (OB) formed in April, acted as SUI support in September and October ($1.6, white zone).
Furthermore, the 50-day EMA (Exponential Moving Average) served as a crucial dynamic support of late, easing the late October and November price plunges.
In other words, $1.6 was a key Q4 support that attracted a lot of buy interest and leveraged longs. A crack below could drag SUI to the next support at $1.4.
Spot market demand for SUI was stagnant, as indicated by the sideways movement on OBV (on balance volume). This suggested that SUI prices could move in either direction after the US election.
Mixed market interest
Santiment data depicted a similar short-term market caution. Since October, SUI’s open interest (OI) rates were on a downtrend. With market sentiment also tanking lower at press time, SUI speculators were cautious ahead of US elections.
However, whales seemed interested in adding positions despite the overall caution. This was suggested by a positive reading on the Retail vs Whale Delta metric, which measures whale long positions relative to retail.
In summary, there was some whale interest in SUI. However, its price was at a crucial point as any slump below $1.6 support could expose several leveraged bulls to losses.
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