☀️$SUI Price Forecast: Chances of recovery grow after holding above $3.50 #MarketRebound ⭐
⭐ Buy and trade here 👇
#SUI🔥 trades broadly steady above key support at $3.50 after the drop driven by the Cetus hack late last week.
The Sui network TVL recovers slightly after dropping sharply on Friday after news of the hack.
The derivatives outlook signals that recovery chances are increasing as short liquidations surge.
Sui (SUI) trades at $3.61 with a mild gain of 0.69% at press time on Monday, holding steady after the $223 million hack of Cetus, a Sui ecosystem Decentralized Exchange (DEX), in tandem with the broader market’s positive start this week, alongside the recovering Sui network metrics and derivatives market data signal recovery chances.
🔥SUI derivatives anticipate a bullish bounce back 🔥
Despite the recent negative sentiment buildup in the spot market, Sui derivatives remain upbeat. According to Coinglass, the Sui derivatives Open Interest (OI) stands at $1.77 billion, a 0.62% increase in 24 hours. This suggests a gradual increase in traders’ interest, with a spike in OI-weighted funding rate to 0.0124% representing the bullish intent of traders.
Additionally, the short liquidations rose to $1.04 million compared to the $604K in bullish positions in the last 24 hours. Hence, the overall derivatives data reflect a minor recovery in risk-on sentiment, anticipating a bullish reversal.
⚙️ Risk: Use proper risk management — 3x–5x leverage recommended☀️⭐