SUI has garnered significant attention from investors and traders alike. The project has witnessed a substantial influx of liquidity amidst a positive market sentiment, underscoring the growing confidence in this emerging crypto asset. This surge in capital has not only increased trading activity but has also expanded the asset’s availability across numerous exchanges, indicating market confidence in SUI’s future performance.
Increasing Liquidity Levels for SUI
According to a recent report from Alphractal, a cutting-edge platform for investment data analysis, there’s been a notable increase in SUI’s liquidity inflow. This is largely due to investors’ growing interest in the blockchain’s scalability and development potential.
The data from Alphractal highlights that SUI has been amassing significant liquidity over the past three months. This trend suggests the possibility of more long liquidations. Alphractal warns that if the digital asset’s price falls below the $1.6 threshold, numerous long positions could be liquidated.
While the primary liquidation pool last month was at the $2.2 level, many open positions, which were primarily long positions from the previous month, have already been liquidated. Over the last week, this pattern has persisted, with unliquidated short positions consistently building up while most long positions have been liquidated during this period.
The report also mentions that SUI’s Open Interest (OI) has turned bearish, dropping to about $370 million. This decline signals a potential shift in trader interest due to uncertainty and anticipated volatility. Despite the negative funding rate, Alphractal notes that the Long-Short Ratio on major crypto exchanges like Binance, OKX, and Bybit is beginning to rise in the near term. Additionally, there have been over $5 million in liquidations in a single day, with open interest and market cap currently standing at almost 7%.
SUI’s Upward Momentum Poised to Continue
The broader crypto market has experienced a positive upswing, with SUI reaping considerable benefits from this momentum shift. After a brief dip to the $1.7 price level, the token has been trending positively, attracting substantial capital inflows from investors.
Currently, SUI is trading at $2.31, marking an impressive over 18% increase within the past day alone. Market technician and trader Jonathan Carter offers a bullish forecast, suggesting the rally is far from over. He predicts a potential move towards the $2.35 mark.
According to Carter, on a 12-hour time frame, the token is forming a symmetrical triangle. A robust support zone exists between the triangle’s bottom and the 100 Moving Average (MA), indicating a possible rebound. If SUI manages to break out of this pattern, Carter anticipates a move towards multiple targets at $1.97, $2.11, and $2.35 in the short term.
As SUI continues to capture the interest of the crypto community, its future performance remains closely watched by investors and market analysts. With its current trajectory, SUI is poised to become a significant player in the evolving crypto landscape.
