SUI Token Poised for Bullish Breakout, Traders Bet on $2 Price Target

The SUI token is showing signs of a potential bullish breakout, with traders anticipating a climb above $2. The token’s fundamentals also suggest a positive outlook, positioning it as one of the top performers in the current market cycle.

Traders Bullish on SUI

Market data from Coinglass indicates that traders are increasingly going long on SUI, with a long/short ratio of 1.3. Over 56.65% of traders have opened long positions on SUI, compared to 43.35% with short positions. Trading volume for SUI derivatives has spiked by over 33%, reflecting high confidence among traders in the token’s potential for growth.

Open interest in SUI has also surged by over 14%, underscoring the growing interest in the token. The dominance of long traders is evident as short positions worth $5.14 million have been liquidated in the last 24 hours, compared to $1.58 million in long positions.

The bullish sentiment is further supported by SUI’s recent rally, with the token’s price surging over 100% in the last month and breaking into the top 20 crypto rankings.

Fundamentals Driving Price Rally

SUI’s price rally is backed by strong fundamentals, including a significant increase in decentralized finance (DeFi) activity on the Sui network. Data from DeFiLlama shows a 50% spike in decentralized exchange (DEX) volume on the network in the past week, with Total Value Locked (TVL) crossing the $1 billion mark.

Predictions for SUI Price

Crypto analyst Michael Van De Poppe predicts that SUI could reach $2.50 in the near future, following a bounce at the $1.79 level. He expects the price to potentially reach between $2.20 and $2.50, marking a new all-time high for the token.

Another analyst, The Cryptomist, suggests that SUI’s weekly close will determine its next move, with a break above $1.91 likely leading to price discovery.

Current Price and Outlook

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

Overall, SUI’s strong fundamentals, growing trader confidence, and positive price momentum position it for a potential breakout towards new highs in the near future.

Featured image from Pexels, chart from TradingView