$SUI trades at 1.0325 after a 3.2 percent session, and the interesting part is what it took to get there.
The token closed below 1.00 three sessions running, 17 to 19 October, at 0.9764, 0.9971 and 0.9992. Today it took the level back. It did so on 42.4 million of rolling volume against a thirty day average of 92.6 million, so 0.46x. Every session since 16 October has traded under 46 million. The seven before it, 9 to 15 October, all traded above 45 million and five of them above 50.
Positions have been leaving for a month. Open interest on the perpetual was 158.5 million tokens on 21 September and reads 111.5 million now, a 29.6 percent reduction. The drawdown itself has been orderly: the thirty day low of 0.8959 printed on 21 September and the thirty day high of 1.2947 on 27 September, so the entire range was set in the first week and the three weeks since have been drift.
What is left is one sided. The long short account ratio has not been below 1.92 in twelve hours and reads 2.0562, which is 67 long accounts per 100. Funding has settled positive on ten of the last twelve, averaging 0.0054 percent.
Spot sits 20.3 percent below the 1.2947 high of 27 September and 15.2 percent above the 0.8959 low of 21 September. The level that decides the next leg is 1.08, which has capped every session since 13 October.
Follow for the data behind the move, not the headline.
#sui #altcoin #crypto #defi #bitcoin
The token closed below 1.00 three sessions running, 17 to 19 October, at 0.9764, 0.9971 and 0.9992. Today it took the level back. It did so on 42.4 million of rolling volume against a thirty day average of 92.6 million, so 0.46x. Every session since 16 October has traded under 46 million. The seven before it, 9 to 15 October, all traded above 45 million and five of them above 50.
Positions have been leaving for a month. Open interest on the perpetual was 158.5 million tokens on 21 September and reads 111.5 million now, a 29.6 percent reduction. The drawdown itself has been orderly: the thirty day low of 0.8959 printed on 21 September and the thirty day high of 1.2947 on 27 September, so the entire range was set in the first week and the three weeks since have been drift.
What is left is one sided. The long short account ratio has not been below 1.92 in twelve hours and reads 2.0562, which is 67 long accounts per 100. Funding has settled positive on ten of the last twelve, averaging 0.0054 percent.
Spot sits 20.3 percent below the 1.2947 high of 27 September and 15.2 percent above the 0.8959 low of 21 September. The level that decides the next leg is 1.08, which has capped every session since 13 October.
Follow for the data behind the move, not the headline.
#sui #altcoin #crypto #defi #bitcoin