Sui (SUI) Eyes Breakout With Traders Going Long, Could the Crypto Be One of the Best Performers in This Market Cycle?

Sui (SUI) could witness a bullish breakout soon enough, with crypto traders betting on the crypto climbing above $2.

Cryptocurrency traders are betting on Sui (SUI) to continue rising higher, with key metrics indicating a bullish breakout could be imminent.

Here’s a closer look at what’s driving the bullish sentiment around SUI and what traders can expect next.

SUI Eyes Breakout With Traders Going Long

According to data from derivatives exchange Coinglass, traders are largely opening long positions on SUI, with the long/short ratio currently at 1.3. This means that 56.65% of traders are going long on SUI compared to 43.35% of traders opening short positions.

This bullish sentiment is further supported by a surge in trading volume for SUI derivatives, which has increased by over 33%. Open interest is also up by over 14%, indicating the massive attention that SUI is currently garnering.

Interestingly, the short traders are experiencing more pain, with data from Coinglass showing that $5.14 million in short positions have been liquidated in the last 24 hours compared to $1.58 million in long positions.

This is bullish for the SUI price as the breakout could easily be achieved as more short traders get shaken out of their positions.

Moreover, the coin has been rallying for a while, and its fundamentals and technical analysis suggest that this upward trend could continue.

Strong Fundamentals, Technical Analysis Point To Further Rally

SUI has already rallied over 100% in the last month, breaking into the top 20 crypto ranking in the process.

Strong fundamentals that could support a further price rally for the coin include the surging decentralized finance (DeFi) activity on the Sui network.

Data from DeFiLlama shows that decentralized exchange (DEX) volume on the network has shot up over 50% this last week. The network’s Total Value Locked (TVL) is also rising, as it recently crossed the $1 billion mark.

Meanwhile, crypto expert Michael Van De Poppe predicted that the SUI price could rise to as high as $2.50 soon enough. He noted that the coin achieved a strong bounce at the $1.79 price level. In line with this, he expects the price to continue towards new highs, potentially reaching between $2.20 and $2.50.

A rally to this price range is significant as it will mark a new all-time high (ATH) for the SUI price, whose current ATH is $2.18.

Meanwhile, crypto analyst The Cryptomist indicated that the coin’s weekly close is likely to determine its next move. She claimed a break above $1.91 would lead to price discovery.

At the time of writing, SUI is trading at around $2, up over 11% in the last 24 hours, according to data from CoinMarketCap.

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