Especially, Sui (SUI) has attracted much attention recently and spiked almost 10% in a week. However, after recent price increases and rather active trade, bearish sentiment can be observed among merchants.
Majority of Traders Bet Against SUI
71% of traders on the Binance exchange are currently shorting SUI against 29% who are longing for the coin, data from the on-chain analytics platform, Coinglass, reveals. This carries a lot of implications that could be interpreted in one way, implying that the price of SUI may drop soon. Changes in the outlook to bearish may put much pressure on selling this stock, and therefore the price of SUI may drop.
SUI Price Technical Analysis
SUI has currently at $2.02 since October and has a market capitalization of over $5 billion to CoinMarketCap statistics. The trading volume of SUI has increased by 100% as approximately one-third of the market cap of SUI is turning over.
Gurus say SUI is at an affordable ceiling, at which it has declined by 50%. Having over 90% short signals on Binance, the altcoin could face another big drop. If the SUI price does not perform the bullish pattern and fails to close the daily candle above $2.20, these analysts expect a downtrend of approximately 20%, which puts the price at approximately $1.62.
On the other hand, if SUI is able to hold above the $2.20 price point, it could open the door to a new high.
RSI and Market Participation
What can be concluded from the chart above is that the RSI for SUI stock is above the indicated level of 70, which might signal a reversal could take place. However, SUI is currently offered at $2.04 and has increased its rate by 2.69% within the last 24 hours. Currently, the trading has risen to 112.62%, proving that market trading is rising in the recovery process.
Bybit Launchpool and Its Impact
Another reason that could explain why SUI skyrocketed in recent days is that Bybit has included it in its Launchpool program. The Launchpool enables users to maintain tokens and also obtain other utilities, including more SUI tokens. This is probably true because the support it receives has boosted the interest and recent price movement for SUI.
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