- More than $ 600 million in SUTs have been removed from the protocols, the market which has become a lowering.
- The technical analysis of the graph suggested a massive plunge to the region at $ 1.
During the last 24 hours, SUP (SUI) fell by 17.77%, bringing its price to $ 2.43 at the time of the press. This feeling was motivated by the overall conditions of the lower market.
The market reaction remains negative, with massive liquidity outputs and the possibility of an additional drop in prices in future negotiation sessions.
Massive outings – is 1 $ 1?
There has been a massive liquidity outing of Suis in the last 24 hours on different chain protocols.
This was determined by the total locked value (TVL) – which measures the evaluation of a chain – with a value of $ 610 million in sold as TVL increased from 1.991 billion to $ 1.381 billion.
Source: Defillama
A decrease as this indicates that market players sell their sui, likely to make profits or reduce losses. In fact, Artemis noted that SUA had seen an increase in the number of transactions during this phase.
The number of daily transactions has climbed more than 900,000, from its lowest from 4.3 million to 5.2 million, and with the drop in prices, confirms that significant part of this volume of transactions is associated with the pressure on the sale on sui.
Interestingly, Ambcrypto found that the daily active addresses between March 2 and press time remained 1.5 million.
Thus, it is very likely that this sales action was motivated by retail traders, while long -term holders have maintained their positions.
On the graph, the potential levels of the movement of sui prices have surfaced, with three possible targets.
According to the daily graphic of Suis, the asset has just raped the downward ascending trend model and could potentially see a decrease of 58%, lowering as low as $ 1.01.
Source: tradingView
This drop depends on the question of whether the two levels of support lower than its current press price do not provide a rebound. The first level of support is at $ 2.18 and the second at $ 1.67.
If the purchase orders at these levels remain low, the assets could see the fall in continuous prices.
A drop in the region at $ 1 would erase all the earnings that Suis has acquired since September.
Sellers dominate as the derivative data signals fall
The lowering feeling is not limited to the cash market and the chain data – derivative market traders are also sold, because open interest takes a massive drop in liquidation data promotes short traders (sellers).
The OO fell from 13.17% to $ 523 million, while liquidation data show that more than $ 8.24 million in long positions on Sui have been closed with force – a significant difference compared to the $ 508,000 in short positions that have been liquidated.
This difference in long and short liquidations shows that the market is currently in favor of sellers, and the price will probably continue to drop until a quarter of work occurs.
