SUI is currently around 0.696u. The other day I stood here for a bit, and now I’ve walked back to my old position— the 7-day high at 0.707 is right above my head; it got stuck for a day without breaking through.
First, let’s talk about what the bulls can see. Spot’s large orders have been net inflows for the past three hours straight. All 12 candlesticks are green, and on the order book, buy orders are pressing over sell orders. Over on the news side, the buyback is supportive, and Walrus’s AI narrative is being pushed as well—large traders are going long, at nearly 70%. This rebound really isn’t without basis.
But the problem is on the futures side. The proportion of active buy orders is below 40%. In seven hours, it has given back almost half, which suggests that on the futures side, nobody is willing to step in and keep chasing the long. The funding rate is hovering near zero, and the basis is at a discount—no one is willing to pay a premium for longs. In plain terms: spot has support, but futures isn’t chasing.
Next, look at the structure. Price is still below the 50-day and 200-day moving averages. On both the daily and 4-hour charts, the trend is still just ranging/sideways. Technically, what you can call it is an attempt at a rebound, not a reversal. Short-term momentum is already hitting overbought levels, so if it pushes higher again, it’ll need bigger volume.
So I’m not chasing long or short. I’ll wait for two signals—either a breakout above 0.707 on increased volume, so the trend gets re-priced; or a pullback toward around 0.69 where someone steps in. Until both sides confirm, I’ll just watch.
#sui $SUI