SUI is poised for a bullish breakout as crypto traders anticipate a climb above $2. The fundamentals of SUI also suggest that it could be one of the top-performing cryptocurrencies in this market cycle. The long/short ratio for SUI is currently at 1.3, with a majority of traders opening long positions. Trading volume for SUI’s derivatives has surged, indicating high confidence in the crypto’s upward movement.
Open interest in SUI has also increased, further supporting the growing interest in the coin. Short traders have witnessed more liquidations, which is bullish for SUI as it suggests a potential breakout as more short positions are shaken out. SUI has already experienced a rally of over 100% in the last month and has entered the top 20 cryptocurrency rankings.
The surging decentralized finance (DeFi) activity on the Sui network is another factor driving the price rally. DEX volume on the network has increased by over 50% in the last week, and the Total Value Locked (TVL) has surpassed $1 billion.
Crypto expert Michael Van De Poppe predicts that SUI could rise to as high as $2.50, noting a strong bounce at the $1.79 price level. Analysts also suggest that a break above $1.91 could lead to price discovery and potentially propel SUI to a new all-time high.
As of now, SUI is trading around $2, up over 11% in the last 24 hours.