movelayer1

SUI's hype on the trending charts is rising, but after a quick look at the candlesticks, the price has been in a downtrend for twenty-five days, hitting a thirty-day low today.

On May 10th, $SUI spiked to $1.30 with a trading volume of 280 million; the square was buzzing with bull calls. After that, it took a nosedive, dropping from $1.30 to today’s $0.74, a total decline of forty-four percent. The trading volume has shrunk from its peak of 280 million to under 20 million today, just a quarter of the thirty-day average.

Today, it dropped almost seven points, but the volume was the lowest it’s been in days, with only 280,000 in the last hour. The funding rate is nearly zero, suggesting that it’s either shorts getting squeezed or simply a lack of buying pressure. Futures volume is 3.7 times that of spot, and the leverage positions are still hanging in there.

I find this position quite awkward. The price is indeed cheap, having been cut in half from the highs, but the shrinking volume indicates that nobody's daring to buy. The Fear and Greed Index is at eighteen, signaling extreme fear; the entire market is on the run, and high-volatility assets like SUI are taking the brunt of it. Those who chased in at $1.30 are now down over forty points, with selling pressure and bottom-fishing strategies battling it out at this level.

I can’t say where the bottom is, but one thing is clear: until the volume picks up, any rebound is just a fake-out. We’ll need to see average daily volume recover to over 50 million, or the fear index rise above thirty before we can reassess things.

#SUI #MoveLayer1 #cryptocurrency