62% of traders go long on SUI, buy signal?

The general cryptocurrency market is recovering impressively. Amid this, the SUI layer-1 blockchain is poised for a major rally as on-chain metrics present a possible purchase sign. SUI has proven a powerful 175% progress because the starting of September 2024, and now buyers and merchants are putting huge bets on this tier-1 token.

SUI technical evaluation and upcoming degree

In accordance with CoinPedia’s technical evaluation, SUI appears bullish because it just lately broke a powerful resistance degree at $2.01 and is now heading in the direction of an all-time excessive. The current breakout, together with the day by day candle closing above the resistance degree, has paved the best way for an upward rally.

Primarily based on the historic worth momentum, there’s a good probability that SUI may rise considerably and attain a brand new excessive within the coming days. Regardless of the numerous ups and downs within the current market, SUI stays in an uptrend because it trades above the 200 Exponential Transferring Common (EMA) on a day by day time-frame.

Bullish statistics within the chain

SUI’s optimistic outlook is additional supported by on-chain metrics. In accordance with the on-chain analytics firm Mint glassSUI’s Lengthy/Quick ratio presently stands at 1.688, the very best degree since September 2024. This document ratio signifies robust bullish market sentiment amongst merchants.

Moreover, future open curiosity has risen 21% within the final 24 hours and 4.2% within the final 4 hours. This rising open curiosity signifies that merchants could also be betting extra on lengthy positions than on brief positions. At the moment, 62.8% of prime merchants have lengthy positions, whereas 37.2% have brief positions. This exhibits that merchants imagine SUI may rise considerably within the coming days.

Combining these on-chain metrics with technical evaluation, it seems that bulls are presently dominating the asset and have the potential to help SUI in its upcoming upward rally.

SUI’s present worth momentum

On the time of writing, SUI is buying and selling round $2.05 and has skilled a worth improve of over 13.1% within the final 24 hours. Throughout the identical interval, buying and selling quantity elevated by 26%, indicating better participation from merchants and buyers amid the continuing market restoration.