SUI coin experienced a turbulent week like many other cryptocurrencies, witnessing a decline in its value. However, a positive trend emerged in the past 24 hours, indicating a potential price increase.
Recent data suggests that investors are optimistic about the possibility of a further uptick in the coin’s value.
Current Status of SUI Token
SUI displayed a promising upward trend in the past day, with its price surging by more than 5%. As of now, the token is being traded at $4.23, boasting a market capitalization exceeding $12.38 billion.
Meanwhile, a notable crypto analyst, Ali Martinez, shared an intriguing update on Twitter.
According to Martinez’s tweet, a significant 77% of traders on dYdX, engaged in SUI Futures trading, have placed their bets on an upward price movement!
Consequently, CryptoCrypto conducted a thorough analysis of other datasets to ascertain whether market sentiment aligns with Martinez’s tweet. Despite the recent price hike, a decrease in the token’s trading volume was observed, potentially signaling a bearish trend.
Moreover, the Social Volume metric also experienced a decline, indicating a probable price drop during a bullish market scenario.
Forecast for SUI in the Upcoming Year
Looking ahead, CryptoCrypto’s examination of Coinglass’ data revealed a decrease in SUI token’s Long/Short Ratio. This decline implies a higher presence of short positions in the market in comparison to long positions.
An increase in short positions typically signifies a growing bearish sentiment, often leading to price corrections.
Furthermore, various technical indicators are pointing towards a probable price correction in the near future. For instance, the Money Flow Index (MFI) displayed a downward trend.
In addition, the Chaikin Money Flow exhibited a similar pattern, indicating an escalation in selling pressure, a key indicator of an upcoming price correction.
In the event of a correction, SUI could potentially drop to $3.37. Nonetheless, should the token sustain its bullish momentum, it might continue its upward trajectory and reach $4.70 by the end of the year.