71% of SUI Traders Go Short on Binance, Time to Sell?

SUI has obtained huge consideration from crypto fanatics after a powerful 13% value enhance previously 24 hours. Nevertheless, merchants have began betting extra on brief positions.

Merchants’ eyes on a value drop

Based on an evaluation firm within the chain Mint glass71% of merchants on Binance are at present brief positions as they imagine the SUI value might fall within the coming days. Moreover, 29% of merchants at present have lengthy positions.

This on-chain information signifies that SUI market sentiment is at present bearish, which might result in promoting strain and a value drop within the coming days.

SUI technical evaluation and upcoming ranges

Based on skilled technical evaluation, SUI is at present on the $2 stage, the place the final time it reached this level it skilled an enormous value drop of greater than 50%. Nevertheless, the lively brief positions on Binance counsel {that a} related value drop might happen this time.

Primarily based on the latest value momentum, if SUI fails to shut the day by day candle above $2.2, there’s a excessive likelihood that it might fall 20% to succeed in the $1.62 stage within the coming days. Alternatively, if the worth stays above the $2.2 stage, there’s additionally a chance of constructing a brand new excessive within the close to future.

At the moment, SUI’s Relative Energy Index (RSI) is in an overbought zone, indicating a potential value correction, or we will even communicate of a value drop within the coming days.

SUI Present Value Momentum

At the moment buying and selling round $2.04, SUI has skilled a value enhance of over 13% within the final 24 hours. Throughout the identical interval, buying and selling quantity elevated by 145%, indicating better participation from merchants and buyers amid the continuing value restoration.

Nevertheless, the potential motive for this important upward rally is the addition of SUI to Bybit’s Launchpool. Bybit’s Launchpool permits customers to stake tokens and earn extra SUI or different rewards. That is notable as a result of Launchpool primarily comprises tokens from the Mantle ecosystem, however the inclusion of SUI breaks this development.