SUI is currently near 0.848. First, the conclusion: the bias is bullish, but I won’t chase from this level.
What’s most worth watching isn’t the price pulling back to 0.85, but the fact that the leverage has been wiped out. Earlier, it was dumped from 0.9555 all the way to around 0.78. On-chain lending dropped by about 90% in 12 hours, open contract positions are shrinking too, and the funding rate is basically back to zero. That means a batch of long positions that chased higher have been cleared out, so the order book isn’t as crowded anymore.
Money on the spot side is coming back. Over the past three hours, net inflow was over 48 million. In those 12 candlesticks, none of them were negative. Even though big accounts cut some positions, their holdings are still heavy—long positions are still around 75%, and they haven’t really left. In plain terms: leverage was washed out, but the big money in size didn’t go.
The issue is the level. Price is exactly sitting just under the 24-hour high. Above that, the area from 0.9 to 0.95 is previous-high resistance. Over the last four hours there’s already a slightly “tired” feel to the move—RSI and money flow indicators are both still pressed near overbought. Chasing longs in the short term here isn’t great in terms of risk-reward.
My approach is: if it pulls back to around 0.8 and can hold there—while the funds are still coming in—then consider entering. Chasing the move just above 0.85? I’d leave that for now and just watch.
#sui $SUI
What’s most worth watching isn’t the price pulling back to 0.85, but the fact that the leverage has been wiped out. Earlier, it was dumped from 0.9555 all the way to around 0.78. On-chain lending dropped by about 90% in 12 hours, open contract positions are shrinking too, and the funding rate is basically back to zero. That means a batch of long positions that chased higher have been cleared out, so the order book isn’t as crowded anymore.
Money on the spot side is coming back. Over the past three hours, net inflow was over 48 million. In those 12 candlesticks, none of them were negative. Even though big accounts cut some positions, their holdings are still heavy—long positions are still around 75%, and they haven’t really left. In plain terms: leverage was washed out, but the big money in size didn’t go.
The issue is the level. Price is exactly sitting just under the 24-hour high. Above that, the area from 0.9 to 0.95 is previous-high resistance. Over the last four hours there’s already a slightly “tired” feel to the move—RSI and money flow indicators are both still pressed near overbought. Chasing longs in the short term here isn’t great in terms of risk-reward.
My approach is: if it pulls back to around 0.8 and can hold there—while the funds are still coming in—then consider entering. Chasing the move just above 0.85? I’d leave that for now and just watch.
#sui $SUI
