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12 October, 2024

Sui (SUI) Eyes Bullish Breakout: Is $2.50 on the Horizon?

12 October, 2024

Sui (SUI) on the Verge of a Breakout: What’s Next?

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The cryptocurrency market is buzzing with excitement surrounding Sui (SUI), a Layer 1 blockchain platform gaining significant traction. As traders bet on the coin climbing above $2, SUI could be poised for a bullish breakout. Not only are traders expressing bullish sentiment, but the fundamentals of Sui also paint a promising picture for its future, potentially making it one of the top performers in this market cycle.

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Traders Go Long on SUI

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Data from Coinglass reveals a compelling narrative. The long/short ratio stands at 1.3, with 56.65% of traders placing long positions on SUI compared to 43.35% with short positions. This indicates a strong belief in SUI’s upward trajectory.

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Further fueling this bullish sentiment is a surge in trading volume for SUI derivatives, exceeding 33%. This significant increase in volume signals a high level of confidence among traders who are actively participating in the market.

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Open interest in SUI derivatives has also climbed by over 14%, further confirming the widespread attention the coin is attracting. Long traders currently seem to have the upper hand, evidenced by the recent liquidations of short positions. Coinglass data shows that $5.14 million in short positions have been liquidated in the last 24 hours, compared to $1.58 million in long positions. This suggests that short traders are getting squeezed out of the market, potentially paving the way for a breakout.

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Fundamentals Supporting a Bullish Outlook

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Beyond trader sentiment, Sui’s fundamental performance also offers a compelling case for bullish price action. The decentralized finance (DeFi) ecosystem on the Sui network has been experiencing rapid growth. DeFiLlama data reveals a remarkable 50% increase in decentralized exchange (DEX) volume on the network just this past week.

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The network’s Total Value Locked (TVL) is also on an upward trajectory, recently surpassing the $1 billion mark. This signifies increasing confidence in the Sui network and its potential for growth.

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Potential for a Price Breakout to $2.50

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Crypto expert Michael Van De Poppe has predicted that SUI could surge as high as $2.50 soon. He emphasizes the strong bounce that occurred at the $1.79 price level, indicating potential for continued upward momentum. Van De Poppe expects SUI to climb towards new highs, potentially reaching between $2.20 and $2.50.

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This rally to $2.20 – $2.50 would be significant as it would mark a new all-time high (ATH) for the SUI price, surpassing its current ATH of $2.18.

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Crypto analyst The Cryptomist points out that the weekly close of SUI is likely to be a crucial factor in determining its next move. She believes that a break above $1.91 would trigger price discovery.

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At the time of writing, SUI is trading at around $2, representing an increase of over 11% in the last 24 hours, according to CoinMarketCap data. The current market sentiment surrounding SUI is decidedly bullish, with traders and analysts alike anticipating a breakout.