62% of Traders Go Long on SUI, Buy Signal?
The entire cryptocurrency market is recovering remarkably. Meanwhile, the Sui Layer-1 blockchain is poised for a big rally as on-chain metrics show a buy signal. SUI has seen an impressive 175% growth since the beginning of September 2024, and now investors and traders are placing big bets on this layer-1 token.
Sui technical analysis and upcoming level
According to CoinPedia's technical analysis, SUI looks bullish as it recently breached a strong resistance level of $2.01 and is now heading higher. A recent breakout, with the daily candle closing above the resistance level, has cleared the way for an upside rally.
Based on historical price movements, there is a strong possibility that SUI will rise significantly and reach new highs in the coming days. Despite the recent ups and downs in the market, SUI remains on a high as it is trading above the 200 Exponential Moving Average (EMA) on the daily time frame.
Bullish On-Chain Indicators
The positive view of SUI is further supported by chain metrics. SUI's long/short ratio is currently at 1.688, the highest since September 2024, according to analyst firm Koingles.
Additionally, futures open demand increased by 21% in the last 24 hours and 4.2% in the last four hours. This growing open interest indicates that traders can bet more on long positions compared to short positions. Currently, 62.8% of top traders hold long positions while 37.2% hold short positions. This indicates that traders believe that the SUI is likely to rise significantly in the coming days.
Combining these on-chain metrics with technical analysis, it looks like the bulls are currently dominating the asset and have the potential to support the SUI in the coming upside rally.
The current price momentum of SUI
At press time, SUI is trading around $2.05 and has experienced a price increase of over 13.1% in the last 24 hours. During the same period, trading volume increased by 26 percent, reflecting the increased participation of traders and investors during the market recovery.
