Sui (SUI) The price is causing concern due to the rising total value locked (TVL), which currently stands at $630.58 million.
This increase in TVL has a positive impact SUImaking it a notable contender in the market. It rebounded from $360 million last month. The growth over time reflects increased demand and changing dynamics of market participation.
However, despite the rising TVL, SUI is in the grip of the bears. SUI has been making headlines for its recent price drop in the last 2 weeks, dropping below $1. It has fallen 7.36% intraday, which was rejected by a bearish crossover between the 20-day and 50-day EMA bands.
A Look at SUI Price and Derivatives
The SUI crypto derivatives market has shown remarkable activity for the current market trend, with open interest up 5.5% in the last 24 hours. This growth has resulted in an OI of $140.08 million, showing increased engagement in the derivatives segment among traders.
In terms of liquidations, the long to short ratio was 0.9451. This meant that $1.06 million worth of long positions were liquidated in the last 24 hours, compared to $210.69 thousand of short positions. This highlighted the current bearish dominance in the market. More long positions were closed due to the price action.
In addition, the volume of derivatives increased significantly, increasing by 65%. This growth resulted in a total trading value of $783.77 million. This highlighted the increased demand for SUI token in the derivatives market.
Why SUI Failed to Rise Higher
From the last quarter of 2023 to the first quarter of 2024, the price showed an impressive growth of 490%. The growth started from $0.3694 to $2.1851.
However, from the end of March and upon entering the second quarter of 2024 SUI significantly disrupted the upward trend. As a result of the price jump down and down, growth fell by 80% against the background of profit taking.
In the long term, the sharp decline from the swing high of $2.1816 to the current trading price of $0.7669 took 161 days.
Although the token recovered from lower levels with the liquidity grab on August 5, it has struggled to maintain upward momentum. The price is in the last month of Q3 2024, and yet the price remains in a bearish grip.
This price movement highlights the uncertainty and selling pressure in the market.
Despite the bearish scenario, there is still a possibility of a rebound. If SUI can break above $1.0 and hold, it could trigger bullish candles.
However, the market remains cautious and SUI Key resistance or character change (CHoCH) levels above $1.0 need to be broken to confirm a significant recovery.
Do technical tools show any hope for recovery?
The SUI The cryptocurrency has shown notable weakness in its recent price action, falling below the 200-day EMA on the daily chart.
Moreover, MACD and signal lines continue to trade in the negative zone. RSI dropped below the critical level of 50 at 43.89.
SUI may find support at $0.3500 and $0.5000. However, resistance is likely to be found at $1.1800 and $1.425.
