The positive news keeps piling up, but $SUI is still stuck around 0.96. I’m not chasing it in the short term; I’ll wait and see.
The narrative over the past few days has actually been pretty solid: Samsung Wallet plans to enable USDC cross-border transfers for around 82 million Galaxy devices in the US in late October, powered by Sui; on 10/21, Grayscale also added the Sui Staking ETF (GSUI) to its in-kind subscription program; and on-chain, there’s Hashi’s institutional solution for using BTC as collateral on Sui. But the official announcement also made it clear that Wallet will only support USDC at launch and won’t hold SUI directly—the buzz is there, but that doesn’t mean buyers will rush into spot SUI right away.
The chart is more straightforward. On the 4H timeframe, price has already fallen below the EMA20 (around 0.99) and EMA50 (around 1.01), with the RSI near 37. It dipped to 0.94 this morning, and the 24-hour change still hasn’t turned green. In the futures market, the retail long/short account ratio is stuck at 2.05, with roughly two-thirds of accounts going long. Yet open interest has fallen from about $110 million to $104 million over the past couple of days. Longs are crowded while positions are shrinking; in this kind of setup, chasing a rally is an easy way to get shaken out.
What I’m watching is simple: let it stabilize around 0.94 before considering an entry, and don’t rush to turn bullish until the 4H candle closes back above 0.99. If it gets swept lower again over the weekend, let price speak for itself. Liquidity is thin, so don’t size up.
$SUI #SUI #CryptoMarket
The narrative over the past few days has actually been pretty solid: Samsung Wallet plans to enable USDC cross-border transfers for around 82 million Galaxy devices in the US in late October, powered by Sui; on 10/21, Grayscale also added the Sui Staking ETF (GSUI) to its in-kind subscription program; and on-chain, there’s Hashi’s institutional solution for using BTC as collateral on Sui. But the official announcement also made it clear that Wallet will only support USDC at launch and won’t hold SUI directly—the buzz is there, but that doesn’t mean buyers will rush into spot SUI right away.
The chart is more straightforward. On the 4H timeframe, price has already fallen below the EMA20 (around 0.99) and EMA50 (around 1.01), with the RSI near 37. It dipped to 0.94 this morning, and the 24-hour change still hasn’t turned green. In the futures market, the retail long/short account ratio is stuck at 2.05, with roughly two-thirds of accounts going long. Yet open interest has fallen from about $110 million to $104 million over the past couple of days. Longs are crowded while positions are shrinking; in this kind of setup, chasing a rally is an easy way to get shaken out.
What I’m watching is simple: let it stabilize around 0.94 before considering an entry, and don’t rush to turn bullish until the 4H candle closes back above 0.99. If it gets swept lower again over the weekend, let price speak for itself. Liquidity is thin, so don’t size up.
$SUI #SUI #CryptoMarket