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Sui’s Bullish Trend Puts Avalanche on Notice: What’s Ahead

Published 06/12/2024, 08:12
Updated 06/12/2024, 13:45
Sui’s Bullish Trend Puts Avalanche on Notice: What’s Ahead
AVAX/USD
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Coin Edition -

  • Sui’s price surge signals growing investor confidence and bullish potential.
  • Avalanche faces consolidation, with key support at $51.50 and resistance at $54.25.
  • Both Sui and AVAX show a short bias in derivatives, despite market interest shifts.

The blockchain has become a hotbed of competition, with networks Sui (SUI) and Avalanche (AVAX) emerging as frontrunners. Their unique strengths and recent price trajectories have piqued the interest of investors wanting to pinpoint the next crypto king. Sui’s price is on the upswing, while Avalanche seems to be in a holding pattern. Let’s look at the data and mark the green signals.

Sui’s Market Performance

Sui (SUI) has seen notable price action in recent days, with a 17.63% surge within 24 hours, bringing its price to $4.28. This increase comes with a significant rise in trading volume, which surged by over 100%, signaling strong market interest. The market cap of Sui now is $12.53 billion, indicating growing investor confidence.

Source: Coinmarketcap

Sui’s recent price movements suggest a steady uptrend, with key resistance around the $4.40 level and support forming near $3.65. A bullish scenario would see Sui breaking past $4.40, potentially pushing toward $4.50. However, a drop in volume could lead to a pullback towards the support levels at $3.80 or $3.65, where buying interest may step in.

Sui Derivatives and Market Sentiment

As per Coinglass data, Sui’s derivatives market is seeing heightened activity, with a 121.38% increase in trading volume, amounting to $4.79 billion. Open interest has also surged by 22.75%, indicating that more traders are entering the market.

Despite this, the long/short ratio suggests a slight lean toward short positions, especially on platforms like Binance and OKX. This indicates that traders are slightly cautious about Sui’s short-term prospects, although the increased volume points toward bullish potential.

Avalanche’s Market Outlook

In contrast, Avalanche (AVAX) is experiencing a more subdued period. Currently trading at $53.01, it saw a modest decline of 2.15% over the past 24 hours. Despite this, AVAX shows strong support around the $51.50 level, with another key level at $50.00.

Source: Coinmarketcap

Resistance sits at $54.25, and breaking this could lead to a rally towards $56.00. However, AVAX’s trading volume has decreased by 19.54%, suggesting a drop in market activity and investor confidence.

AVAX Derivatives and Liquidity Dynamics

The derivatives market for AVAX has seen a significant drop in volume, down by 24.02% to $1.59 billion. Despite this, the open interest remains relatively stable, showing a slight increase.

Read also: Avalanche, Chainlink, and IOTA Lead RWA Altcoin Rally Into December

However, the long/short ratio of 0.93 reveals a bias toward short positions, with most traders on platforms like Binance and OKX betting on a further price decline. Liquidation data also shows that a significant portion of losses comes from long positions, indicating that traders struggle to maintain bullish bets.

The post Sui’s Bullish Trend Puts Avalanche on Notice: What’s Ahead appeared first on Coin Edition.

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