$SUI
The recent drop has been pretty brutal📉! The current price is $0.7799, down 4.6% in 24 hours and over 26% in a month, sparking heated debate in the community.
Many bulls are citing Wyckoff analysis and believe the price is close to a bottom, with a large cluster of stop-loss orders below. They predict a brief sell-off could sweep up those orders, complete the shakeout, and then trigger a reversal rally. Interestingly, this analysis was first published when the price was $0.81, but the market continued to fall.
The bearish catalyst was Suiet Wallet’s announcement that it would discontinue updates, with its API set to go offline on November 14. This directly contributed to the ecosystem’s TVL shrinking by over 23% in a month. But it’s not all bad news: over $100 million in stablecoins has recently flowed quietly into the ecosystem, giving people a glimmer of hope.
According to the liquidation heatmap, a large number of short positions are clustered between $0.81 and $0.83, while long positions at $0.76 and $0.775–$0.78 have largely been wiped out. Analysts believe bears are now gaining momentum, and that a rally could easily trigger a cascade of short liquidations. Of course, this is just community speculation; whether a reversal takes shape remains to be seen. Be sure to watch out for leverage risks⚠️.#sui
The recent drop has been pretty brutal📉! The current price is $0.7799, down 4.6% in 24 hours and over 26% in a month, sparking heated debate in the community.
Many bulls are citing Wyckoff analysis and believe the price is close to a bottom, with a large cluster of stop-loss orders below. They predict a brief sell-off could sweep up those orders, complete the shakeout, and then trigger a reversal rally. Interestingly, this analysis was first published when the price was $0.81, but the market continued to fall.
The bearish catalyst was Suiet Wallet’s announcement that it would discontinue updates, with its API set to go offline on November 14. This directly contributed to the ecosystem’s TVL shrinking by over 23% in a month. But it’s not all bad news: over $100 million in stablecoins has recently flowed quietly into the ecosystem, giving people a glimmer of hope.
According to the liquidation heatmap, a large number of short positions are clustered between $0.81 and $0.83, while long positions at $0.76 and $0.775–$0.78 have largely been wiped out. Analysts believe bears are now gaining momentum, and that a rally could easily trigger a cascade of short liquidations. Of course, this is just community speculation; whether a reversal takes shape remains to be seen. Be sure to watch out for leverage risks⚠️.#sui
