{"id":647625,"date":"2024-10-12T23:30:10","date_gmt":"2024-10-12T23:30:10","guid":{"rendered":"https:\/\/www.shenyangcang.com\/?p=647625"},"modified":"2024-10-12T12:13:51","modified_gmt":"2024-10-12T12:13:51","slug":"sui-eyes-bullish-breakout-as-crypto-traders-go-long-above-2-whats-next","status":"publish","type":"post","link":"https:\/\/www.shenyangcang.com\/news\/sui-eyes-bullish-breakout-as-crypto-traders-go-long-above-2-whats-next\/","title":{"rendered":"SUI Eyes Bullish Breakout As Crypto Traders Go Long Above $2 &#8211; What\u2019s Next?"},"content":{"rendered":"<p><a href=\"https:\/\/bitcoinist.com\/cardano-founder-praises-sui\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Sui (SUI)<\/span><\/a><span style=\"font-weight: 400\"> could witness a bullish breakout soon enough, with crypto traders betting on the crypto climbing above $2. SUI\u2019s fundamentals also paint a bullish picture for the crypto and indicate that it could be one of the best performers in <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-bull-market-glassnode\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">this market cycle<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.shenyangcang.com\/news\/baby-doge-coin-rockets-200-in-30-days-whats-on-the-horizon\/\" target=\"_blank\" rel=\"noopener \">Baby Doge Coin Rockets 200% In 30 Days \u2013 What\u2019s On The Horizon?<\/a><\/div>\n<h2><b>SUI Eyes Breakout With Traders Going Long<\/b><\/h2>\n<p><span style=\"font-weight: 400\">SUI could be on the verge of a breakout, with traders betting that the crypto will rise higher. <\/span><a href=\"https:\/\/www.coinglass.com\/LongShortRatio\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Coinglass data<\/span><\/a><span style=\"font-weight: 400\"> shows that the long\/short ratio is currently at 1.3, with 56.65% of traders opening long positions on SUI compared to 43.35% of traders with short positions. Trading volume for SUI\u2019s derivatives has surged by over 33%, indicating that these traders are very confident about the crypto rising higher.\u00a0<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-647626\" src=\"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/10\/A_bc0f33.png?resize=647%2C196\" alt=\"\" width=\"647\" height=\"196\" srcset=\"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/10\/A_bc0f33.png?w=647 647w, https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/10\/A_bc0f33.png?w=460 460w\" sizes=\"(max-width: 647px) 100vw, 647px\"><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-open-interest-rockets-69000-rally-impact\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">open interest<\/span><\/a><span style=\"font-weight: 400\"> is also up by over 14%, further confirming the massive attention that SUI is currently gaining. These long traders already look to have the upper hand, seeing how the short terms have witnessed more liquidations. Further data from Coinglass shows that $5.14 million in short positions <\/span><a href=\"https:\/\/bitcoinist.com\/crypto-market-cap-shrinks-by-6-with-liquidations-surpassing-550-million\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">have been liquidated<\/span><\/a><span style=\"font-weight: 400\"> in the last 24 hours compared to $1.58 million in long positions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This is bullish for the SUI price as the breakout could easily be achieved as more short traders get shaken out of their positions. Moreover, the coin has been rallying for a while, and its fundamentals and technical analysis suggest that this upward trend could continue. <\/span><a href=\"https:\/\/www.shenyangcang.com\/news\/sui-rallies-100-but-signs-of-fatigue-emerge-is-a-drop-incoming\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">SUI has already rallied<\/span><\/a><span style=\"font-weight: 400\"> over 100% in the last month, breaking into the top 20 crypto ranking in the process.<\/span><\/p>\n<figure style=\"width: 1835px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/aUzlBbte\/\" width=\"1835\" height=\"883\"><figcaption class=\"wp-caption-text\">SUI market cap currently at $5.8 billion. Chart: <a href=\"https:\/\/www.tradingview.com\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Fundamentals that support a further price rally for the coin include the surging decentralized finance (DeFi) activity on the Sui network. <\/span><a href=\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/is-bitcoin-price-primed-for-new-record-high-analyst\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">DeFiLlama data<\/span><\/a><span style=\"font-weight: 400\"> shows that decentralized exchange (DEX) volume on the network has shot up over 50% this last week. The network\u2019s Total Value Locked (TVL) is also rising, as it recently crossed the $1 billion mark.\u00a0<\/span><\/p>\n<h2><b>A Price Breakout To $2.50<\/b><\/h2>\n<p><a href=\"https:\/\/www.shenyangcang.com\/news\/bitcoin-final-dance-analyst-eyes-final-peak-ahead-of-halving\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">Crypto expert Michael Van De Poppe<\/span><\/a><span style=\"font-weight: 400\"> predicted that the <\/span><a href=\"https:\/\/www.shenyangcang.com\/news\/will-sui-surpass-solana-expert-analysis\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">SUI price<\/span><\/a><span style=\"font-weight: 400\"> could rise to as high as $2.50 soon enough. He <\/span><a href=\"https:\/\/x.com\/CryptoMichNL\/status\/06782139\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">noted<\/span><\/a><span style=\"font-weight: 400\"> that the coin achieved a strong bounce at the $1.79 price level. In line with this, he expects the price to continue towards new highs, potentially reaching between $2.20 and $2.50.\u00a0<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-647627\" src=\"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/10\/A_a43452.png?resize=633%2C339\" alt=\"\" width=\"633\" height=\"339\" srcset=\"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/10\/A_a43452.png?w=633 633w, https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/10\/A_a43452.png?w=460 460w\" sizes=\"(max-width: 633px) 100vw, 633px\"><\/p>\n<p><span style=\"font-weight: 400\">A rally to this price range is significant as it will mark a new <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-breaks-through-69000-setting-new-record\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">all-time high (ATH)<\/span><\/a><span style=\"font-weight: 400\"> for the SUI price, whose current ATH is $2.18. Meanwhile, crypto analyst The Cryptomist indicated that the coin\u2019s weekly close is likely to determine its next move. She claimed a break above $1.91 would lead to price discovery.\u00a0<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-647628\" src=\"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/10\/A_4abc01.png?resize=645%2C461\" alt=\"\" width=\"645\" height=\"461\" srcset=\"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/10\/A_4abc01.png?w=645 645w, https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/10\/A_4abc01.png?w=460 460w, https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/10\/A_4abc01.png?w=120 120w, https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/10\/A_4abc01.png?w=350 350w\" sizes=\"(max-width: 645px) 100vw, 645px\"><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.shenyangcang.com\/news\/helium-hnt-falters-15-as-crypto-market-tries-to-bounce-back\/\" target=\"_blank\" rel=\"noopener \">Helium (HNT) Falters 15% As Crypto Market Tries To Bounce Back<\/a><\/div>\n<p><span style=\"font-weight: 400\">At the time of writing, SUI is trading at around $2, up over 11% in the last 24 hours, according to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/myro\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">data<\/span><\/a><span style=\"font-weight: 400\"> from CoinMarketCap.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u00a0<em>Featured image from Pexels, chart from TradingView<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sui (SUI) could witness a bullish breakout soon enough, with crypto traders betting on the crypto climbing above $2. SUI\u2019s fundamentals also paint a bullish picture for the crypto and indicate that it could be one of the best performers in this market cycle. Related Reading: Baby Doge Coin Rockets 200% In 30 Days \u2013 What\u2019s On The Horizon? SUI Eyes Breakout With Traders Going Long SUI could be on the verge of a breakout, with traders betting that the crypto will rise higher. Coinglass data shows that the long\/short ratio is currently at 1.3, with 56.65% of traders opening long positions on SUI compared to 43.35% of traders with short positions. Trading volume for SUI\u2019s derivatives has surged by over 33%, indicating that these traders are very confident about the crypto rising higher.\u00a0 Meanwhile, open interest is also up by over 14%, further confirming the massive attention that SUI is currently gaining. These long traders already look to have the upper hand, seeing how the short terms have witnessed more liquidations. Further data from Coinglass shows that $5.14 million in short positions have been liquidated in the last 24 hours compared to $1.58 million in long positions.\u00a0 This is bullish for the SUI price as the breakout could easily be achieved as more short traders get shaken out of their positions. Moreover, the coin has been rallying for a while, and its fundamentals and technical analysis suggest that this upward trend could continue. SUI has already rallied over 100% in the last month, breaking into the top 20 crypto ranking in the process. Fundamentals that support a further price rally for the coin include the surging decentralized finance (DeFi) activity on the Sui network. DeFiLlama data shows that decentralized exchange (DEX) volume on the network has shot up over 50% this last week. The network\u2019s Total Value Locked (TVL) is also rising, as it recently crossed the $1 billion mark.\u00a0 A Price Breakout To $2.50 Crypto expert Michael Van De Poppe predicted that the SUI price could rise to as high as $2.50 soon enough. He noted that the coin achieved a strong bounce at the $1.79 price level. In line with this, he expects the price to continue towards new highs, potentially reaching between $2.20 and $2.50.\u00a0 A rally to this price range is significant as it will mark a new all-time high (ATH) for the SUI price, whose current ATH is $2.18. Meanwhile, crypto analyst The Cryptomist indicated that the coin\u2019s weekly close is likely to determine its next move. She claimed a break above $1.91 would lead to price discovery.\u00a0 Related Reading: Helium (HNT) Falters 15% As Crypto Market Tries To Bounce Back At the time of writing, SUI is trading at around $2, up over 11% in the last 24 hours, according to data from CoinMarketCap.\u00a0 \u00a0Featured image from Pexels, chart from TradingView<\/p>\n","protected":false},"author":594,"featured_media":647633,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,6664,4735,3505,87261],"class_list":["post-647625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-crypto","tag-price-action","tag-price-analysis","tag-sui"],"acf":[],"yoast_head":"\n<title>SUI Eyes Bullish Breakout As Crypto Traders Go Long Above $2, What\u2019s Next?<\/title>\n<meta name=\"description\" content=\"Sui (SUI) could witness a bullish breakout soon enough, with crypto traders betting on the crypto climbing above $2. 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