SUI price is showing early signs of stabilization following an extended period of declining prices, with buyers slowly but surely entering the market in the vicinity of an important support level. The general sentiment reflects that of a possible accumulation stage, with the future direction dependent upon the strength of the support level.
At the time of writing, the SUI is trading at $0.7554, with a 24-hour trading volume of $563.13 million and a total market capitalization of around $3.01 billion. The SUI price has declined by 0.67% over the last 24 hours, showing continued short-term pressure as the market attempts to find a stable direction.
Source: CoinMarketCap
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SUI Price Shows Early Signs of Accumulation
A popular crypto analyst, BitGuru, observed that there was an early sign of accumulation for the SUI amid a long downtrend. This is because buyers have started buying at the level where SUI finds its support, and thus, it will be interesting to see whether it makes a base.
Source: BitGuru’s X Post
The pattern in the SUI price shows that the downward force is weakening relative to previous declines. Although there have been sustained declines for an extended period of time, continued tests at the same support level and lack of a breakdown indicate that the sellers are weakening.
The SUI price may head towards $0.84 and then $0.92, if there is an increase in the buying activity here. But if the support breaks, then the downward trend may persist for some more time.
Mixed Market Signals Around SUI Price
Aside from spot trading, there is also an observation about the SUI price. The total volume traded decreased by 16.48% and amounted to $645.10 million. This indicates less interest in the short term. Meanwhile, the total open interest rose by 6.24% and reached $571.47 million.
Source: Coinglass
With regards to the open interest funding rate, we currently have a value of 0.0111%, which shows a slight bias towards a bullish position. However, the balance of leverage still holds, meaning that traders do not hold extreme positions on the SUI price. Sentiment is therefore unclear, with the future direction being dependent on the ability of the current level to resist.
Source: Coinglass
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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