- The SUI price breakout above $4.27 signaled bullish momentum, supported by strong technical indicators.
- Social dominance and positive financing rates reinforced optimism despite minor price corrections.
Sui (SUI) The decentralized exchange ecosystem has made remarkable progress, with its total value locked (TVL) increasing from $1.51 billion to $1.87 billion since December 2. This significant growth highlights strong network engagement and increasing adoption of its DeFi offerings.
The coin was trading at $4.67, down 1.65%, at press time. SUI’s trajectory begs the question: can it maintain its upward momentum and secure its place among the leading DeFi platforms?
SUI Price Action Reflects Key Bullish Signals
Sui’s price action suggests a promising trend, having recently broken above the critical resistance level at $4.27. This breakout, coupled with a moving average (MA) crossover between the 9-day and 21-day lines, demonstrates strong bullish momentum.
However, the average directional index (ADX) at 25.05 indicates moderate trend strength, suggesting near-term consolidation potential.
Therefore, maintaining support above $4.27 will be key to sustaining this rally and creating further upside momentum.
Social dominance highlights growing interest
Additionally, growing social dominance reflects increased community engagement, with metrics now exceeding 1%. Increased mentions and discussions often translate into greater investor confidence, thereby reinforcing positive sentiment in the market.
As such, Sui’s growing presence in social conversations is likely to maintain interest and further drive adoption.
Long/Short ratio suggests cautious optimism
The Long/Short ratio revealed almost balanced sentiment, with 51.18% short and 48.82% long.
This indicates cautious optimism from traders, who are bracing for possible corrections while recognizing the potential for further upside. Therefore, this balance portends both opportunity and caution in the near term.
Positive Funding Rates Reflect Bullish Sentiment
The weighted open interest (OI) funding rate at 0.0113% highlighted market confidence as traders are willing to pay premiums for long positions.
This matches Sui’s upward trajectory, suggesting that derivatives traders believe in the project’s long-term potential despite recent minor setbacks.
Read Sui (SUI) Price Prediction 2024-25
In conclusion, Sui’s technical strength, growing social commitment and positive funding rates indicate that it is well positioned to support its growth.
By maintaining critical support levels and leveraging the interest of its community, Sui has the potential to solidify its dominance in the DeFi space and achieve even greater milestones.