Journalist
Published:
- SUI’s social volume has declined sharply in recent days.
- Market indicators suggest a price decline towards $3.37.
Sui (SUI)like several other cryptos, had a bad week as the token’s price fell. But the last 24 hours have been in favor of the bulls as the price of the token has increased.
The latest data suggests that investors expect the price of the coin to rise further.
What does SUI do?
SUI saw a promising rise in the last 24 hours as its price surged by over 5%. At the time of writing, the token was trading at $4.23 with a market cap of over $12.38 billion.
Meanwhile, Ali Martinez, a popular crypto analyst, published a tweetrevealing an interesting development.
According to the tweet, 77% of traders on dYdX, with open SUI Futures traders betting on rising prices!
Therefore, AMBCrypto checked other datasets to find out if the market sentiment matched this tweet. Notably, despite the latest price rally, the token’s trading volume has fallen, which may trigger a bearish rally.
Additionally, its social volume also declined, which was a sign of a possible price decline as it fell in the middle of a bull rally.
Source: Santiment
SUI in the coming year
Moving forward, AMBCrypto’s analysis of Coinglass data showed that the The token’s Long/Short ratio recorded a decline. This meant that there were more short positions in the market than long positions.
An increase in short positions in the market is a sign of rising bearish sentiments, which often leads to price corrections.
Technical indicators also hinted at a price correction in the coming days. For example, the Money Flow Index (MFI) recorded a slight decline.
Is your wallet green? Discover the SUI Profit Calculator
In addition to this, the Chaikin Money Flow also followed a similar trend. This clearly meant that selling pressure was increasing, which is a relevant sign of a price correction.
In the event of a price correction, SUI could fall to $3.37. However, if the token maintains its bullish momentum, it can continue its price surge and reclaim $4.7 in the remaining days of this year.
Source: TradingView
