$SUI The SUI coin has experienced a significant price increase, rising by nearly 20% in just two days. This surge represents a continuation of an upward trend that has lasted for nearly three weeks, driven by increased interest from SUI enthusiasts.
With the market showing increasing optimism, the altcoin has caught the attention of investors, paving the way for further price movement.
SUI traders hope to achieve gains
The open interest in SUI has risen by 28% in just 48 hours, jumping from $1.42 billion to $1.82 billion. This increase of $400 million indicates a growing interest in the futures market, as traders are eager to take advantage of the altcoin's upward momentum.
The positive funding rate supports these expectations, indicating that long positions dominate short positions. This suggests that traders anticipate the continued rise in SUI's price, contributing to the overall bullish sentiment surrounding the coin.
The increase in open interest and positive funding rate indicates a flow of more capital into SUI, strengthening its position in the market. As more traders take long positions, this momentum could push the price further up, creating a positive feedback loop.
Technical indicators also support the overall bullish momentum for SUI. The Chaikin Money Flow (CMF) index is currently at its highest level in nearly four months, suggesting that inflows are exceeding outflows.
This rise indicates that investors are actively seeking to capitalize on the rising price of SUI, increasing demand.
As more capital enters the market, the bullish momentum for SUI could continue, driving its price higher. The rise in the CMF index reflects the positive sentiment of the broader market and indicates that the altcoin's increase is supported by strong investor confidence.
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