- Less than 23% of SUI’s total supply is in circulation.
- As per Coincodex, the sentiment for SUI is bullish.
A crypto analyst with username @StukaHQ who has 1,000 followers on X and has a verified account has compared Solana’s technicals with SUI. Based on the post, the user compares Solana’s 2020 price action with the SUI token’s 2024 price action.
The price of the SUI crypto has been trading flat over the last 24 hours and follows a strong downtrend over the last few weeks. A 1.2% spike in the market cap of the crypto to $1.744 Billion was recorded over the last 24 hours.
These days $SUI being below $1 reminds me of Solana’s early days. Who would’ve thought $SOL would reach $200? But Solana key players and actors did an amazing job; they sold at the top and bought at the bottom without anyone exiting. We’re seeing the same behavior with $SUI now. pic.twitter.com/KjNv4iVsms
— Commander.sui (@StukaHQ) July 8, 2024
The value of the traded volume for SUI displayed a 4.5% decline over the last 24 hours to $130.476 Million with a volume/market cap ratio of 8.32%.
25.12% of the token’s maximum supply is in circulation in the market which results in a circulating supply of 2.512 Billion SUI. Additionally, the total supply and the maximum supply of the token stand at $6.924 Billion.
SUI Token Derivatives Data Analysis
The open interest of SUI rose 7.6% to $59.72 Million over the last 24 hours.
SUI Crypto Derivatives Liquidation Chart | Source: Coinglass
The overall liquidation chart of the crypto shows higher long liquidations over time which shows that sellers have dominated over the price for a long time.
Additionally, the recent data shows the picture flipping as higher short liquidations worth $327.02K are recorded in the last 24 hours. Moreover, the long liquidation of the token is worth only $52.29K.
SUI Token Technical Analysis
SUI recently formed a small trading range following a pronounced downtrend.
SUI Token Daily Price Chart | Source: Tradingview
Since the end of March 2024, SUI has experienced significant profit booking, causing its price to steadily decline from a swing high of $2.1816 to $0.6898, the traded price at press time.
This downward trajectory is further evidenced by the formation of lower lows on the daily chart, indicating persistent bearish sentiment.
However, a potential reversal could be on the horizon. If SUI pushes above $0.950 and sustains there, it could trigger a minor surge.
SUI/USD Chart by TradingView
SUI declined below the 50-day and the 200-day EMAs on the daily chart. This shows a strong downtrend in the price as the EMAs further are trading in a death cross.
The supertrend also has given a sell signal which has been continued for a long time and a decline in price is followed. The MACD and the signal line are also trading in a death cross and are in a negative territory.
The RSI also follows a bearish cycle and has declined below the 50-level by hitting the oversold zones.
SUI crypto has been in a strong downtrend, falling from $2.1816 to $0.6898 since March 2024.
Despite a minor market cap increase, technical indicators show persistent bearish sentiment. SUI’s price is below key EMAs and had formed lower lows, with significant profit booking and high long liquidations indicating seller dominance.
The support levels to which the SUI token price react in the future are $0.3640 and $0.500 followed by the resistance levels of $1.170 and $1.440.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
