$MAGMA I’m a bit more bullish, but I won’t chase around 0.50. Two consecutive hours of rising definitely looks like a breakout attempt; if the perpetuals see more ongoing volume than the Sui main pool, pullbacks will be harsher than with large-cap coins.
From 12:00 to 14:00, two complete hourly candles closed up, lifting from 0.4848 to 0.5004. The following hour’s trading volume was about $7.97 million, which is 45% more than the previous hour’s $5.48 million. In the same period, open positions rose from about 28.56 million to 29.23 million coins—up only 2.3% for now, not a hard push fueled by leverage.
Sui main pool’s 24-hour trading volume is about $12.21 million, with liquidity around $2.02 million, while perpetual trading is about $92.51 million—more than 7x the main pool. The funding rate is +0.028%, so longs at the higher level are still paying.
I’ll wait for a pullback to 0.485–0.492 and see it hold, then watch for the 15-minute timeframe to reclaim 0.50. Only if the 1-hour candle goes up on volume and closes above 0.510, and open positions don’t urgently surge to more than 31 million, can we call it continued strength. If the 1-hour closes below 0.470, the bullish thesis fails—then I’ll wait for the next round of absorption.
#MAGMA #Sui #DeFi
From 12:00 to 14:00, two complete hourly candles closed up, lifting from 0.4848 to 0.5004. The following hour’s trading volume was about $7.97 million, which is 45% more than the previous hour’s $5.48 million. In the same period, open positions rose from about 28.56 million to 29.23 million coins—up only 2.3% for now, not a hard push fueled by leverage.
Sui main pool’s 24-hour trading volume is about $12.21 million, with liquidity around $2.02 million, while perpetual trading is about $92.51 million—more than 7x the main pool. The funding rate is +0.028%, so longs at the higher level are still paying.
I’ll wait for a pullback to 0.485–0.492 and see it hold, then watch for the 15-minute timeframe to reclaim 0.50. Only if the 1-hour candle goes up on volume and closes above 0.510, and open positions don’t urgently surge to more than 31 million, can we call it continued strength. If the 1-hour closes below 0.470, the bullish thesis fails—then I’ll wait for the next round of absorption.
#MAGMA #Sui #DeFi