SUI has shown impressive price growth, rising by almost 20% in just two days. This growth is a continuation of an almost three-week upward trend fueled by increasing interest from SUI enthusiasts.
Given the growing optimism in the market, the altcoin has attracted investor attention, setting the stage for further price movement.
SUI traders are hoping for profits
Open interest in SUI has increased by 28% in just 48 hours, rising from $1.42 billion to $1.82 billion. This increase of $400 million indicates growing interest in the futures market, where traders seek to capitalize on the bullish momentum of the altcoin.
The positive funding rate further supports this outlook, indicating that long positions dominate short ones. This suggests that traders expect further price growth of SUI, contributing to the overall bullish sentiment surrounding the token.
The increase in open interest and the positive funding rate indicate that more capital is flowing into SUI, strengthening its market position. As more traders take long positions, this momentum may push the price even higher, creating a positive feedback loop. Technical indicators also support the overall macroeconomic momentum of SUI. The Chaikin Money Flow (CMF) indicator is currently at nearly a four-month high, indicating that inflows exceed outflows.
This growth indicates that investors are actively trying to capitalize on the rising price of SUI, further increasing demand.
As more capital flows into the market, the upward momentum of SUI may continue, pushing its price higher. The growth of CMF reflects the positive sentiment of the broader market and indicates that the altcoin's rally is supported by strong investor confidence. The price of SUI continues to rise.
The price of SUI has risen by almost 20% in the last 48 hours, trading at $3.96 at the time of writing. The altcoin is now approaching a key resistance level at $4.05.
Successfully overcoming this barrier will help maintain the nearly three-week upward trend and may set the stage for further price growth. This level is crucial for continuing the rally.
If SUI manages to turn $4.05 into support, it will open the way for further growth. The next potential targets could be $4.79 or even higher, with the possibility of reaching $5.00.
A sustained rally beyond this level will signal a strong bullish sentiment and further price growth. However, if SUI fails to overcome $4.05 and a reversal occurs, the price may fall to $3.59. Losing this support level would indicate a potential weakening of bullish momentum, with a possible price drop to $3.18.
If this happens, it will nullify the current upward trend and shift market sentiment to bearish.#BinanceSquare #Write2Earn #Binance #crypto #TradeStories $SUI