As an analyst with over two decades of experience in the dynamic world of finance and cryptocurrencies, I’ve seen my fair share of market ebbs and flows. The recent bullish run of SUI (SUI) has certainly caught my attention, especially considering its impressive 83% surge in just seven days.
Last week, Sui experienced a significant surge in value, mirroring the wider cryptocurrency market’s recovery. However, analysts predict a potential drop in its price moving forward.
In the last week, SUI has experienced a significant increase of approximately 83%, climbing from a price of $0.50 on August 5 to a two-month peak of $0.95 earlier today. Over the past day, it has risen by 5.8% and is currently being traded at $0.94 as I write this.
Remarkably, among the top 100 cryptocurrencies, only SUI has seen a rise or bullish trend over the last day.
After the increase in prices, the market capitalization of SUI exceeded $2.4 billion, placing it as the 30th largest cryptocurrency. Its daily trading volume was approximately $400 million.
The increase in SUI‘s price might be due to two factors: first, the introduction of a Grayscale investment trust for this asset on August 7; second, the overall market recovery as the total crypto market capitalization grew from $1.9 trillion to $2.07 trillion on August 6.
Based on information from Santiment, the total open interest for SUI decreased from $360 million to $341 million within the last 24 hours. This decrease followed approximately $4.25 million worth of SUI liquidations over that same period.
After the significant increase in prices, data from a market intelligence platform indicates that the combined borrowing rates for SUI have dropped significantly to -0.0048%. This suggests that there are more short sellers than long investors at the moment.
At this point, the majority of the traders are betting on SUI’s price fall.
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2024-08-12 11:50