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HomeNewsSUI Records A Significant Monthly Increase Of 16.6%, With Recent Trading Volumes...

SUI Records A Significant Monthly Increase Of 16.6%, With Recent Trading Volumes Surging By 93.54% To $1.1 Billion

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  • After breaking above a descending trendline from October 13, SUI shows potential to reach its peak of $2.3686.
  • On-chain data suggests no imminent trend reversal for SUI, with a 17.22% rise in Open Interest indicating bullish sentiment.

SUI token demonstrates a compelling uptick in market performance, showcasing robust gains and strong trader interest that may signal a sustained bullish trend.

SUI has shown notable market activity recently, with a 16.6% increase over the past month and an additional surge of 18.57% at the latest measure. This rise has significantly boosted its trading volume, which has soared by 93.54% to reach $1.1 billion.

SUIUSDT_2024-10-30_11-16-30
Source: Tradingview

Such robust activity underscores a growing market interest and could be indicative of continued positive momentum.

Technical Indicators

From a technical perspective by ETHNews, SUI’s movement appears optimistic. It recently surpassed a major descending trendline that began forming on October 13, a movement catalyzed by its bounce from the support level at $1.6049.

sui-tradingview
Source: tradingview

Should this upward trend persist, SUI might target the $2.3686 mark, which represents its peak in October 2024.

Conversely, should the token experience renewed selling pressure, it might revert to its previous descending trendline, adjusting downward in response.

Trader Activity and On-Chain Analysis

On-chain data and trader analytics provide a deeper insight into SUI’s potential trajectory. According to ETHNews, current on-chain metrics do not forecast an imminent reversal, suggesting that the uptrend may have stability.

sui-open-interest-future
Sources: Coinglass

Complementing this analysis, data from Coinglass regarding Open Interest and liquidation metrics indicate a prevailing bullish sentiment among traders.

Specifically, Open Interest has escalated by 17.22%, reaching a total of $519.50 million, reflecting an increased demand for long positions in the market.

sui-liquidation-chart
Sources: Coinglass

Concurrently, approximately $4.14 million worth of SUI short positions were liquidated over the past 24 hours, an event that typically strengthens the prevailing market trend.

The liquidity flow, measured by the Chaikin Money Flow (CMF) indicator, further confirms the ongoing accumulation of SUI.

SUIUSDT_2024-10-30_11-29-07
Sourcer: Tradingview

With a CMF reading of 0.13, remaining in the positive territory suggests that liquidity continues to flow into the market, potentially pushing SUI’s price beyond its current annual high.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628
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