Is 62 of Traders Long Positions on SUI a Buy Signal
Key Takeaways
– 62.8% of top traders are holding long positions, while 37.2% are holding short positions.
– SUI’s future open interest has increased by 21% in the past 24 hours and by 4.2% in the past four hours.
– There is a strong likelihood that SUI could experience a significant surge and reach a new high in the near future.
– The overall cryptocurrency market is recovering well, and the SUI layer-1 blockchain is expected to rally as its on-chain metrics indicate a potential buy signal. Since September 2024, SUI has shown impressive growth of 175%, attracting the attention of investors and traders.
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SUI Technical Analysis and Future Outlook
According to CoinPedia’s technical analysis, SUI is showing a bullish trend as it recently broke through a strong resistance level of $2.01 and is now moving towards an all-time high. The recent breakout, along with the daily candle closing above the resistance level, has cleared the path for an upward rally.
Source: Trading View
Based on historical price momentum, there is a strong possibility that SUI could experience a significant surge and reach a new high in the coming days. Despite the recent market fluctuations, SUI is maintaining an uptrend, trading above the 200 Exponential Moving Average (EMA) on a daily timeframe.
Bullish On-Chain Metrics
SUI’s positive outlook is further supported by on-chain metrics. According to the on-chain analytics firm Coinglass, SUI’s Long/Short ratio is currently at 1.688, the highest since September 2024. This ratio indicates a strong bullish market sentiment among traders.
Source: Coinglass
Furthermore, SUI’s future open interest has increased by 21% in the past 24 hours and by 4.2% in the past four hours. This growing open interest suggests that traders are leaning towards long positions rather than short positions. Currently, 62.8% of top traders are holding long positions, while 37.2% are holding short positions. This indicates that traders anticipate a significant surge in SUI’s price in the near future.
When combining these on-chain metrics with technical analysis, it becomes evident that bulls are currently dominating the asset and have the potential to support SUI in its upcoming upward rally.
SUI’s Current Price Momentum
At present, SUI is trading around $2.05, experiencing a price surge of over 13.1% in the past 24 hours. During the same period, its trading volume has increased by 26%, indicating increased participation from traders and investors amidst the ongoing market recovery.
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