SUI Token Analysis: Market Sentiment and Technical Insights
Market Data and Circulating Supply
Less than 23% of SUI’s total supply is in circulation. According to Coincodex, the sentiment for SUI is bullish. The price of the SUI crypto has been trading flat over the last 24 hours and follows a strong downtrend over the last few weeks. A 1.2% spike in the market cap of the crypto to $1.744 Billion was recorded over the last 24 hours.
Crypto Analyst Insights
A crypto analyst with username @StukaHQ, who has 1,000 followers on X and has a verified account, has compared Solana’s technicals with SUI. Based on the post, the user compares Solana’s 2020 price action with the SUI token’s 2024 price action.
Open Interest and Volume
The value of the traded volume for SUI displayed a 4.5% decline over the last 24 hours to $130.476 Million with a volume/market cap ratio of 8.32%. The open interest of SUI rose 7.6% to $59.72 Million over the last 24 hours.
SUI Token Derivatives Data Analysis
The overall liquidation chart of the crypto shows higher long liquidations over time, which shows that sellers have dominated over the price for a long time. Recently, the picture flipped as higher short liquidations worth $327.02K are recorded in the last 24 hours. Moreover, the long liquidation of the token is worth only $52.29K.
SUI Token Technical Analysis
SUI recently formed a small trading range following a pronounced downtrend. The token’s daily price chart shows a steady decline from a swing high of $2.1816 to $0.6898, the traded price at press time. This downward trajectory is further evidenced by the formation of lower lows on the daily chart, indicating persistent bearish sentiment.
However, a potential reversal could be on the horizon. If SUI pushes above $0.950 and sustains there, it could trigger a minor surge. The supertrend also has given a sell signal, which has been continued for a long time, and a decline in price is followed.
Conclusion
In conclusion, SUI’s market data suggests a bullish sentiment, but technical indicators show persistent bearish sentiment. The token’s price is below key EMAs and has formed lower lows, with significant profit booking and high long liquidations indicating seller dominance.
FAQs
Q: What is the current market cap of SUI?
A: The current market cap of SUI is $1.744 Billion.
Q: What is the circulating supply of SUI?
A: The circulating supply of SUI is 2.512 Billion, which is 25.12% of the token’s maximum supply.
Q: What is the sentiment for SUI according to Coincodex?
A: According to Coincodex, the sentiment for SUI is bullish.
Q: What is the current price of SUI?
A: The current price of SUI is $0.6898.
Q: What are the potential support and resistance levels for SUI?
A: The potential support levels for SUI are $0.3640 and $0.500, and the resistance levels are $1.170 and $1.440.
Q: Is there a potential reversal on the horizon for SUI?
A: Yes, there is a potential reversal on the horizon if SUI pushes above $0.950 and sustains there.
