- SUI token witnessed an increase in trading activity over the last 24 hours.
- At press time, the SUI token price traded 63% below its all-time high price.
In the last 1 year, the Sui (SUI) price advanced by 68%. It has outperformed 57% of the top 100 crypto assets in the previous 1 year.
The SUI crypto has experienced a significant increase in trading activity over the past 24 hours. Additionally, its spot volume rose by 55%. This surge in demand led to a traded value of $276.131 Million.
However, despite this uptick, the token’s market cap remained flat, leading to a slight decline of 0.5%. This indicated that while demand increased, the overall market valuation was stable.
The SUI token holds a market capitalization of $2.117 Billion, positioning it as the 33rd largest cryptocurrency. Its market cap dominance is 0.09%, reflecting its influence within the broader crypto ecosystem.
In addition to the increase in trading volume, the SUI token’s Total Value Locked (TVL) has recently grown to $611.58 Million. The stablecoins market cap associated with the token also increased, reaching $361.9 Million.
A Closer Look at the Derivatives of SUI Token
The SUI crypto‘s derivatives market has seen notable activity, with open interest rising by 5.9% over the past 24 hours. This increase indicated growing engagement from traders and investors in the derivatives segment.
In terms of liquidations, longs totaling $823.42K were liquidated over the last 24 hours, compared to $388.36K in shorts. This imbalance highlighted the current dominance of sellers in the market. It happened as more long positions were forced to close due to price movements.
Additionally, the token’s derivatives volume experienced a significant surge, advancing by 96%. This surge led to a total traded value of $833.06 Million. It underscored the heightened trading activity for the SUI token in the derivatives market.
What’s Stopping SUI Tokens from Breaking Above The Resistance?
Since the end of March, the SUI token price has been entrenched in a significant downtrend, marked by consistent profit-taking. The token’s price has sharply declined from a swing high of $2.1816 to its current traded price of $0.6898.
Although the token reverted from lower levels, it struggled to maintain upward momentum, failing to sustain higher prices. This pattern underscores the ongoing uncertainty and selling pressure within the market.
Despite the bearish environment, there remains the potential for a reversal. If SUI can break above the $0.950 level and hold its position, it could trigger a minor rally. Also, it could offer a much-needed boost to the token’s price action.
However, the market remains cautious, and SUI needed to overcome key resistance levels to signal a more substantial recovery.
Do technical indicators ignite any hope for the Bulls?
The SUI crypto has exhibited notable weakness in its recent price action. It has declined below the 50-day and 200-day Exponential Moving Averages (EMAs) on the daily chart.
This downward movement underscored a strong bearish trend. It is further emphasized by the formation of a death cross—a key indicator of sustained selling pressure.
SUI/USD Chart by TradingView
Adding to the bearish outlook, the Supertrend indicator has consistently signaled a “sell” for an extended period. It has aligned with the ongoing price decline.
The MACD indicator further reinforced the bearish sentiment. Moreover, the MACD and signal lines have entered a death cross, continuing to trade in negative territory.
The RSI has also contributed to the negative sentiment, following a bearish cycle and dropping below the critical 50 level. The RSI’s movement into oversold zones suggests that selling momentum remains strong. It further confirmed the prevailing downward trend in the SUI price.
The SUI token may find support at the $0.360 and $0.50 levels. However, resistance at the $1.50 and $2.080 levels is likely to be encountered, potentially challenging any potential recovery.
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.
