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.
SUI Eyes Breakout With Traders Going Long
SUI could be on the verge of a breakout, with traders betting that the crypto will rise higher. Coinglass data shows that the long/short ratio is currently at 1.3, with 56.65% of traders opening long positions on SUI compared to 43.35% of traders with short positions. Trading volume for SUI’s derivatives has surged by over 33%, indicating that these traders are very confident about the crypto rising higher.
Meanwhile, open interest is also up by over 14%, further confirming the massive attention that SUI is currently gaining. These long traders already look to have the upper hand, seeing how the short terms have witnessed more liquidations. Further data from Coinglass shows that $5.14 million in short positions have been liquidated in the last 24 hours compared to $1.58 million in long positions.
This is bullish for the SUI price as the breakout could easily be achieved as more short traders get shaken out of their positions. Moreover, the coin has been rallying for a while, and its fundamentals and technical analysis suggest that this upward trend could continue. SUI has already rallied over 100% in the last month, breaking into the top 20 crypto ranking in the process.
Fundamentals that support a further price rally for the coin include the surging decentralized finance (DeFi) activity on the Sui network. DeFiLlama data shows that decentralized exchange (DEX) volume on the network has shot up over 50% this last week. The network’s Total Value Locked (TVL) is also rising, as it recently crossed the $1 billion mark.
A Price Breakout To $2.50
Crypto expert Michael Van De Poppe predicted that the SUI price could rise to as high as $2.50 soon enough. He noted that the coin achieved a strong bounce at the $1.79 price level. In line with this, he expects the price to continue towards new highs, potentially reaching between $2.20 and $2.50.
A rally to this price range is 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. She claimed 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.
Featured image from Pexels, chart from TradingView
Source: NewsBTC