SUI price has dropped 10.63% from its recent peak of $2.36, currently trading at $2.12. This decline comes amid speculation of a $400 million insider sell-off—a rumor that the Sui Foundation has denied. Despite this, market sentiment remains optimistic, with traders expecting the altcoin to break through resistance levels soon.
This analysis explores why investors remain bullish on SUI, the role of technical indicators in the rebound, and where the price may head in the near term.
Positive Funding Rates Signal Renewed Optimism
After experiencing a brief drop into negative territory, SUI’s Funding Rate has rebounded. A negative Funding Rate typically reflects bearish sentiment, as traders with short positions dominate the market. However, with the Funding Rate now back in positive territory, it indicates a shift toward optimism, as long positions are on the rise.
This turnaround suggests that traders have moved past the fear, uncertainty, and doubt (FUD) surrounding the sell-off rumors and are preparing for a potential upward trend.
Balance of Power (BoP) Favors Buyers
Another bullish indicator is the rising Balance of Power (BoP). This metric measures the strength of buyers versus sellers. A falling BoP points to bearish control, often leading to further price declines. However, SUI’s BoP has increased, suggesting that bulls are gaining momentum, potentially driving the price above $2.11 in the short term.
SUI’s daily chart shows solid support at $2.05, a level that played a key role in the previous rally to $2.36. If this support holds, SUI could surge by 20% and reach $2.55—a new all-time high.
However, this optimistic scenario depends on the bulls maintaining control. If sellers take profits before SUI breaks above $2.36, the price could retreat to $2.05. A further decline below this level might push the coin down to $1.84, signaling a potential bearish trend.
Also Read: SUI Slips 14% To $2.04 – Will It Plunge To $0.91 Amid Bearish Signals?
Traders Bet on SUI’s Resilience
Despite recent setbacks, the positive Funding Rate and rising BoP reflect growing confidence among traders. As long as SUI holds above $2.05, the outlook remains bullish, with a potential breakout past $2.36 on the horizon. Investors are now watching closely to see whether SUI can sustain this momentum and hit $2.55 or if bearish forces will pull the price back.
With market sentiment improving, SUI’s price action over the next few days could provide crucial insights into its near-term trajectory. Will the bulls prevail and take SUI to new highs, or will bears regain control? Stay tuned for the next chapter in this evolving market story.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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