Can SUI Fall To $1.40? On-Chain Data Exposes Declining Demand

Name	Symbol	Market	Market Cap ($)	Algorithm
SUI Network	SUIUSD	Crypto	7,075,429,475	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

SUI Network

SUIUSD

Crypto

7,075,429,475

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.060	2.69%	2.29	2.29	2.29

Price Change

Price Change %

Current Price

Bid Price

Offer

0.060

2.69%

2.29

High Price	Low Price	Open Price	Prev. Close	52 Week Range
2.32	2.23	2.23	2.23	0.462300 - 5.39

High Price

Low Price

Open Price

Prev. Close

52 Week Range

2.32

2.23

0.462300 - 5.39

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	10:41:17	0.600000	2.29	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

10:41:17

0.600000

2.29

USD

Price x Volume	Volume	Base Symbol	Related Pairs
17,803,182.24	7,846,783.56	SUI	SUIEUR	SUIGBP	SUIBTC

Price x Volume

Volume

Base Symbol

Related Pairs

17,803,182.24

7,846,783.56

Can SUI Fall To $1.40? On-Chain Data Exposes Declining Demand

05/10/2024 3:30pm

NEWSBTC

SUI is currently testing a crucial supply zone following a massive 95% surge triggered by the Federal Reserve’s recent interest rate cut announcement. The explosive rally, driven by significant buying pressure, has led to volatile price action, raising questions about whether this upward momentum can be sustained. As SUI hovers near its current highs, market speculation is increasing around the possibility of a correction to lower demand levels, with $1.40 being the key target. Related Reading: Solana ‘In Serious Danger’ If $137 Support Breaks – Analyst Shares Targets Key data from Coinglass reveals a decline in market demand, signaling a potential slowdown in buying activity. This has left some investors on edge, as they anticipate a price drop in the coming days. The sudden surge has fueled both optimism and caution as traders weigh the potential for continued gains against the risk of a sharp reversal. With SUI now at a critical juncture, the next few days will be pivotal in determining whether the bullish trend can continue or if the market will retrace to more stable demand levels. Investors are watching closely, ready to adjust their strategies based on the unfolding price action. SUI Funding Rate Signals Price Drop SUI is at a critical point after days of extreme price action and significant gains. Following its impressive 95% rally since the Federal Reserve’s interest rate cut announcement, some investors and traders are beginning to take profits, signaling a potential shift in market sentiment. Many now view a correction to $1.40 as inevitable, especially as buying pressure cools down. Key data from Coinglass suggests a cooling demand, with the funding rate turning negative to -0.067, marking a yearly low. The funding rate is a key indicator in futures trading, representing the periodic payment between traders in long positions (betting on price increases) and those in short positions (betting on price declines). When an asset’s funding rate turns negative, it indicates that more traders are opening short positions, expecting a drop in price. This shift reflects growing caution in the market as traders start positioning themselves for a potential downturn. Related Reading: Ethereum At Risk Of Further Decline: Top Investor Sets $2,150 Target If Support Breaks With the funding rate at such a low and demand waning, the market is showing signs of cooling off after SUI’s explosive September rally. As a result, investors and traders are now patiently waiting for a correction to lower demand levels around $1.40, which could present new buying opportunities or signal further declines depending on the broader market conditions. Key Levels To Watch SUI is currently trading at $1.73 after experiencing days of volatile price action. The price surged but halted at the crucial $2 resistance level and has since entered a consolidation phase just below it. This key level has become a barrier for bulls, and a push above $2 is necessary for SUI to regain momentum and confirm a bullish trend. However, the market remains uncertain, and if the price fails to hold the $1.60 support level, a deeper correction could follow. Analysts predict that a break below $1.60 may lead to a 20% drop, bringing SUI down to the $1.40 demand zone. This level is being closely monitored by investors and traders as a critical support to prevent further downside pressure. Related Reading: Cardano (ADA) Faces Risk Of 30% Drop – On-Chain Metrics Confirm A Slow Demand As the market fluctuates, SUI’s price action remains in a delicate balance between potential recovery and further correction. The next moves around these key levels will likely determine whether bulls regain control or if bears continue to push prices lower in the coming days. Featured image from Dall-E, chart from TradingView

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

SUIUSD SUI Network