The recent trend of $SUI shows a typical characteristic of rising and then falling back. After a rapid rise from a low point of $3.11 to $4.30, it is currently building a short-term support platform around $3.86.
From a technical perspective, the 4-hour MACD shows a bottom divergence signal, and the RSI has fallen from the overbought area to the neutral zone (45-55 range), indicating that the short-term adjustment has been fairly sufficient.
From a fundamental perspective, the SUI ecosystem has made substantial progress recently:
The Mysticeti V2 consensus upgrade has allowed TPS to exceed 300,000, the on-chain game "World of Sui" has surpassed 1.2 million daily active users, and the market cap of stablecoins has reached $820 million, providing liquidity support for DeFi.
It is particularly noteworthy that Meta has restarted its stablecoin program, which has brought market attention to SUI, as its founding team includes former core members of Diem.
The open interest has reached $1.86 billion, a historic high, and the originally set target of $3.96 may be conservative, and could be adjusted to the $4.10-$4.25 range (corresponding to the target of the bull flag pattern).
For short-term operations, an entry can be made at 3.865 ~ 3.875, with a stop loss at 3.79.
Be cautious as on-chain data shows that whale addresses continue to transfer SUI to exchanges, and the long-short ratio in the derivatives market has reached 9.64, indicating excessive sentiment.
It is recommended to continuously pay attention to the leverage liquidation heat map and the Dune on-chain large transfer dashboard.
Recently, it has mainly been about internal sharing, so friends I just met should pay more attention.
