JAKARTA - In the midst of a 13% increase in the price of Sui's crypto asset (SUI) in the last 24 hours, the majority of traders in Binance seem pessimistic about the continuation of this positive trend. Recent data show that 71% of traders in Binance have installed short positions, indicating their prediction of a decline in SUI prices in the near future.
According to the on-chain analysis of Coinlass, the dominant short position shows speculation that SUI prices will decline. Meanwhile, only 29% of traders hold long positions or hope SUI prices will rise. This bearish-leaning market condition raises fears that rising selling pressures could push SUI prices to lower levels.
According to Coinpedia's information, currently, SUI is trading around the level 2 of the US Dollar (Rp31,300), which was previously the point where prices fell by more than 50%. If the same pattern repeats itself, it is likely that SUI will again experience a significant decline. Technical analysts predict that if SUI fails to close daily prices above 2.2 US Dollars (Rp34,430), prices could drop to 20%, hitting the level of 1.62 US Dollars (Rp25,353) in the coming days.
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However, if SUI is able to survive above 2.2 US Dollars (Rp34,430), the opportunity to score a new high price is also still open. However, the Relative Stretch Index (RSI) indicator shows that SUI is currently in the overbought zone, signaling potential price corrections or declines in the near future.
The movement of the SUI price in the past 24 hours has caught the attention of crypto enthusiasts, with a 13% price spike accompanied by an increase in trading volume by 145%. This volume increase shows greater interest from traders and investors, which is triggered by the momentum of price recovery.
One of the factors that is considered to have contributed to this price spike is the addition of SUI into Launchpool Bybit, which allows users to stake and get more SUI or other prizes. This addition is considered significant because Launchpool Bybit usually displays tokens from the Mantle ecosystem, but this time SUI managed to enter, breaking the pattern.
Although there is positive sentiment that arises due to price spikes, the majority of traders still put up short positions. This reflects their distrust of the sustainability of the SUI price increase, as well as concerns about a potential significant price correction. According to data from CoinGecko, bearish market sentiment is driven by various factors, including high volatility and regulatory uncertainty in the crypto market.
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