SUI has seen notable interest from investors and traders as the project has attracted significant inflows of liquidity amid rising market sentiment, underscoring the growing confidence in the crypto asset. This capital increase has increased trading activity and increased the asset’s availability on many exchanges, indicating market confidence in SUI’s future performance.
Liquidity levels rise for SUI
A recent one report from Alphractal, an advanced investment data analytics platform, reveals that SUI’s liquidity inflows have grown significantly as investor interest in the blockchain’s scalability and development potential grows.
Data from the investment platform shows that SUI has accumulated large liquidity over the past three months, pointing to the possibility of even longer liquidations. Should the price of the digital asset fall below the $1.6 level, Alphractal has warned of the liquidation of numerous long positions.
Although the most important liquidation was at the $2.2 level last month, the majority of open positions, which were largely long positions from the previous month, had also been liquidated.
Furthermore, a similar trend has continued over the past seven days, with the unliquidated short positions consistently building up, while most of the long positions have been liquidated over the period.
Alphractal also pointed out in the report that SUI’s Open Interest (OI) has turned bearish, falling to around $370 million, indicating a possible shift in interest. This decline in open interest may indicate that traders are adjusting their positions due to uncertainty and potential volatility.
Although the financing interest rate is still negative, the platform notes that the Long-Short Ratio is increasing Binancethe largest crypto exchange, OKXAnd Bite has started to rise again in the short term. Meanwhile, with over $5 million in liquidations in a single day, open interest and market cap are currently positioned at almost 7%.
The asset’s upward movement will continue
The overall crypto market has performed positively, with SUI benefiting heavily from this shift. After falling to the price level of $1.7, the token is showing a positive trend, attracting huge capital inflows from investors.
Currently, the digital asset is trading at $2.31, indicating an increase of more than 18% in the past day. However, market technician and trader Jonathan Carter is optimistic prediction implies that the rally is not over yet and predicts a move towards the $2.35 mark.
According to the analyst, the token creates a symmetrical triangle within a 12-hour time frame, with a strong support zone between the bottom of the triangle and the 100 moving average (MA). possible bounce. Should the asset break out of the pattern, Carter expects a move toward multiple targets of $1.97, $2.11 and $2.35 in the near term.
Featured image from Shutterstock, chart from Tradingview.com