- SUI’s Open Interest jumped by 80%, signaling bullish sentiment.
There is a high chance that SUI could soar a further 30% to the $1.175 level in coming days.
As a seasoned researcher with over a decade of experience in the ever-evolving crypto market, I must admit that the recent surge in SUI‘s price and trading volume has piqued my interest. The involvement of heavyweights like Grayscale is always a significant indicator of potential growth. However, it’s essential to remember that past performance is not always an accurate predictor of future results.
On August 9th, 2024, notable cryptocurrencies like Bitcoin, Ethereum, and Solana experienced significant surges in value.
During this upward trend, there’s been a great deal of interest surrounding the cryptocurrency SUI (SUI) as it has experienced a substantial price increase over the past 24 hours, capturing the focus of the wider crypto community.
SUI crypto jumps by 30%
Currently, Swiss Coin (SUI) is close to $0.84 in value, marking a significant increase of more than 30% in its price within the past day. Simultaneously, there has been a notable rise in trading activity, with a 60% jump in volume over the same duration.
This significant increase in trading volume indicated higher participation from traders.
Instead, it’s worth noting that SUI‘s exceptional results might be attributed to the prevailing market mood and the active participation of the leading asset manager, Grayscale.
On August 7, 2024, Grayscale shared via their platform (formerly known as Twitter) that they incorporated Sui into their investment portfolio.
After this announcement, the value of SUI cryptocurrency significantly increased by 50%. Additionally, there’s a potential for it to rise even further in the upcoming days.
At present, there’s a strong optimism among investors and large traders (whales) regarding SUI, which has led to a significant 80% increase in Open Interest (OI) over the past day, as reported by the on-chain analytics firm Coinglass.
Upcoming levels
As reported by AMBCrypto’s technical assessment, during the price increase, SUI had just breached a significant sloping trendline, and was encountering resistance close to the $0.88 flat mark as of the current update.
Considering the current mood and recent events, there’s a strong possibility that SUI might surge past its current flat line. Furthermore, it may potentially rise by an additional 30%, reaching approximately $1.175, within the upcoming period.
Major liquidation level
At the current reporting, Support Units Inc. (SUI) had significant liquidation points close to $0.819 on the downside and around $0.857 on the upside.
Realistic or not, here’s SUI market cap in BTC’s terms
Should the current market feeling persist and the value of SUI rises to $0.857, approximately $4.17 million worth of short positions will automatically close (get liquidated).
If the sentiment reverses and SUI drops to $0.819, approximately $3.05 million worth of long positions may need to be closed out.
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2024-08-10 11:04