Liquidation delivery? Topping at 2.2700, yet the shadow pierced -2.0534
Crypto circles understand: a rapid rise must have a rapid drop, SUI against the market, the K-line directly shot out a rocket.
The main force took advantage of Binance's 50x SUI perpetual contract that opened early in the morning, violently consuming all limit sell orders in the range of 2.0534-2.2700.
On-chain monitoring shows that a market maker continuously bought 230,000 spot coins at the 2.0534 position, combined with a $25 million U explosion in the contract market, forcefully pushing the price to the 2.2700 neckline.
Technical analysts should now focus on three fatal details:
First, the current volume bar has expanded to 48,500 coins/hour, but compared to the peak of 73,000 coins at the previous high of 2.45.
Second, the MACD fast and slow lines have golden crossed for the third time above the zero axis; such high-level golden crosses are often a precursor to a bull trap.
Third, there is a stack of trapped chips valued at 58 million USDT above 2.27; these old sell orders are like the sword of Damocles hanging over our heads.
The news front shows signs of polarization.
On the positive side, the Sui Foundation announced it will destroy on-chain gas fees worth 12 million SUI in Q3, equivalent to a 0.8% reduction in circulation.
On the negative side, data from Coinbase Prime's over-the-counter trading shows three institutional clients have placed a total of 850,000 market sell orders above 2.25.
Personally, I predict three scenarios will emerge tonight:
The most ideal situation is to stabilize at the 2.25 platform, digesting selling pressure through time.
The neutral situation is to retest 2.18 to confirm support, forming an ascending flag pattern.
The extreme situation is that the dog fund violently breaks through the strong support at 2.15, creating a multi-kill stampede. Based on Bybit's perpetual funding rate reaching 0.098%, the current market sentiment is too exuberant, increasing the probability of a correction.
Operating strategies need to be dynamically adjusted: spot players are advised to reduce positions by 30% around 2.25 to lock in profits, while contract players should focus on the 15-minute level RSI divergence.
If you see the price unable to break through at 2.27 for three consecutive K-lines, immediately reverse and open a 5% position short to test the waters.
Remember, now is not the time for faith-based gambling; when exchanges start pushing high-leverage products, it is often a prelude to the harvest season.
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