Is SUI Going Down Faster Than a Lead Balloon? 💸🤪

Over $600 million worth of SUI have mysteriously vanished from protocols—poof!—as the market decided to take a detour into Bear Town.
Technical analysis of the chart suggests a free-fall dive back to the $1 region, complete with sound effects! 🎢

In the past 24 hours, Sui [SUI] plummeted a stomach-churning 17.77%, dropping its price to $2.43 at press time. Can we get a ‘whoopsie daisy’ for the overall bearish market conditions? 🤷‍♂️

The market reaction resembles a very grumpy grizzly bear, with massive liquidity outflows and the ominous shadow of further price declines looming over the next trading sessions.

Massive Outflows—Is $1 Just Around the Corner?

There has been a bonanza of liquidity outflow from SUI in the last 24 hours across different protocols on the chain. Investors must have thought, “Sell now and cry later!” 😱

This epiphany was confirmed through Total Value Locked (TVL)—a fancy term for chain’s valuation—where $610 million of SUI was sold as TVL took a nosedive from $1.991 billion to $1.381 billion. Talk about a drop-off!

If you’re wondering what this decline means, it indicates that market participants are liquidating their duties, likely to cash in or save face! Artemis duly noted a surge in transaction counts during this spine-chilling phase.

The daily transaction count climbed from a pathetic 4.3 million to a solid 5.2 million. This uptick in activity isn’t about new friends being made—it’s all about the sell-off festivities! 🎉

As if that’s not enough drama, AMBCrypto discovered that daily active addresses stubbornly stuck around 1.5 million during this chaos.

It looks like short-term traders are the ones donning their party hats, while the long-term holders gaze wistfully at their lost gains from a distance.

On our esteemed chart, we’re seeing three potential paths for SUI’s misery, I mean price movement. Buckle up!

Our daily chart’s gotten so wild it just breached the bearish ascending trendline, and if the stars align (or misalign), we could see a precipitous 58% nosedive, landing as low as $1.01. Great Scott! 🚀

But wait! This heart-stopping drop depends on whether two little support levels below our current price are able to take a stand. The first support panting at $2.18, and the second at $1.67. Will they hold or wave the white flag?

If buying orders roll over and play dead, we might just find ourselves watching SUI tumble back to the $1 range, wiping out the gains it so dramatically racked up since September!

Sellers Rule the Roost as Derivatives Data Shouts “Mayday!”

The bearish sentiment isn’t simply popping its head up in the spot market; derivative market traders are joining the sell-a-thon as well, with Open Interest taking a downward nosedive—like a college student on finals week! 📉

Open Interest has dropped to the tune of 13.17% down to $523 million, while liquidation data reveals that over $8.24 million of long positions on SUI got tossed out the window—while only a measly $508,000 of short positions met the same fate. It’s a seller’s party, and you’re all invited!

This percentage difference between long and short liquidations shows the market’s current affinity for sellers, and the price trend seems set to continue lower—until someone flips the script. Or buys a round of drinks! 🍻

2025-03-05 04:00

Massive Outflows—Is $1 Just Around the Corner?

Sellers Rule the Roost as Derivatives Data Shouts “Mayday!”

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