- SUI’s Social Volume declined sharply in the last few days.
- Market indicators hinted at a price drop towards $3.37.
Sui [SUI], like several other cryptos, had a bad week as the token’s price dropped. But the last 24 hours were in the bulls’ favor as the token’s price increased.
Latest data suggested that investors are expecting the coin’s price to go up further.
What is SUI up to?
SUI registered a promising uptick in the last 24 hours as its price surged by more than 5%. At the time of writing, the token was trading at $4.23 with a market capitalization of over $12.38 billion.
In the meantime, Ali Martinez, a popular crypto analyst, posted a tweet, revealing an interesting development.
As per the tweet, 77% of traders on dYdX, with open SUI Futures traders betting on the price going up!
Therefore, AMBCrypto checked other datasets to find out whether the market sentiment aligned with this tweet. Notably, despite the latest price rise, the token’s trading volume dropped, which can trigger a bear rally.
Additionally, its Social Volume also declined, which was a sign of a possible price drop as it dropped amidst a bull rally.
Source: Santiment
SUI in the coming year
Moving ahead, AMBCrypto’s analysis of Coinglass’ data showed that the token’s Long/Short Ratio registered a decline. This meant that there were more short positions in the market compared to long positions.
A hike in short positions in the market is a sign of rising bearish sentiments, which often results in price corrections.
Technical indicators were also hinting at a price correction in the coming days. For example, the Money Flow Index (MFI) registered a downtick.
Is your portfolio green? Check out the SUI Profit Calculator
On top of that, the Chaikin Money Flow also followed a similar trend. This clearly meant that selling pressure was rising, which is a pertinent sign of a price correction.
In the event of a price correction, SUI might drop to $3.37. However, if the token maintains its bullish momentum, it can continue its price surge and reclaim $4.7 in the remaining days of this year.
Source: TradingView
