SUI is currently hovering around 0.697u. I’m not in a rush to draw conclusions from this level—I’m more on the sidelines.
First, the good news. On the spot market, the funds are genuinely moving in. Over the past ~3 hours, net inflow is close to 25 million, and every one of the dozen or so candles is positive. Spot aggressive buy orders are pressing against sell orders, and the price has climbed back above the short moving averages. On the 4-hour chart, it’s four bullish candles and two bearish ones, pushing upward. This is the strongest support I’ve seen recently.
But the issue is right here. The price is exactly bumping into the vicinity of the 1-day high. Above 0.70 is a tough “hard bone” to crack—whether it can break through is a different story. Also, after looking at the post-session chart, the daily technicals are still somewhat bearish: MACD hasn’t turned red, and price is trading below the 10/50/200-day moving averages. In plain terms, this looks like a repair rebound after oversold conditions—not a trend reversal.
Another thing to watch: on the leverage side, the longs are already quite crowded. The long/short ratio has climbed to more than 30x. Meanwhile, whale accounts over the past couple of days have actually been closing longs, and the proportion has edged down a bit. The futures side also has a “distribution” flavor in the setup. With this kind of structure, for the rebound to run far, it needs fresh incremental capital to take over.
So I won’t chase it here. Either wait for a breakout with volume that holds above 0.70 before talking about the trend, or wait for a pullback to 0.67–0.68 to see if anyone steps in, then consider buying the dip. Chasing at this spot near the 1-day high doesn’t have a great cost-performance ratio.
#sui $SUI
First, the good news. On the spot market, the funds are genuinely moving in. Over the past ~3 hours, net inflow is close to 25 million, and every one of the dozen or so candles is positive. Spot aggressive buy orders are pressing against sell orders, and the price has climbed back above the short moving averages. On the 4-hour chart, it’s four bullish candles and two bearish ones, pushing upward. This is the strongest support I’ve seen recently.
But the issue is right here. The price is exactly bumping into the vicinity of the 1-day high. Above 0.70 is a tough “hard bone” to crack—whether it can break through is a different story. Also, after looking at the post-session chart, the daily technicals are still somewhat bearish: MACD hasn’t turned red, and price is trading below the 10/50/200-day moving averages. In plain terms, this looks like a repair rebound after oversold conditions—not a trend reversal.
Another thing to watch: on the leverage side, the longs are already quite crowded. The long/short ratio has climbed to more than 30x. Meanwhile, whale accounts over the past couple of days have actually been closing longs, and the proportion has edged down a bit. The futures side also has a “distribution” flavor in the setup. With this kind of structure, for the rebound to run far, it needs fresh incremental capital to take over.
So I won’t chase it here. Either wait for a breakout with volume that holds above 0.70 before talking about the trend, or wait for a pullback to 0.67–0.68 to see if anyone steps in, then consider buying the dip. Chasing at this spot near the 1-day high doesn’t have a great cost-performance ratio.
#sui $SUI