- More than $ 600 million in Sui has been withdrawn from protocols because the market became Bearish.
- Technical analysis of the graph suggested a huge dive back to the $ 1 region.
In the last 24 hours, Sui [SUI] Fell by 17.77%and brought his price to the press to $ 2.43. This sentiment is powered by the total Bearish market conditions.
The market reaction remains negative, with massive liquidity outlets and the possibility of further price decreases in the upcoming trade sessions.
Sassive outsourcing – Is $ 1 nearby?
In the last 24 hours there has been a huge liquidity outflow of Sui over different protocols on the chain.
This was determined by the total value locked (TVL) – which measures the valuation of a chain – sold by $ 610 million in Sui when TVL dropped from $ 1,991 billion to $ 1,381 billion.
Source: Defillama
Such a decline indicates that market participants sell their sui, probably profit or loss. Artemis actually noted that SUI saw an increase in transaction counting during this phase.
The daily transaction count climbed more than 900,000, from the low of 4.3 million to 5.2 million, and with the price decrease confirms that a considerable part of this transaction volume is associated with the pressure on SUI on SUI.
Interestingly, Ambcrypto discovered that daily active addresses remained at 1.5 million between 2 March and the time.
It is therefore very likely that this sales promotion was powered by retail traders, while holders have retained their positions in the long term.
The potential levels for the SUI price movement have surfaced on the graph, with three possible goals.
According to the daily graph of Sui, the actively broken the bearish -rising trend line pattern and could possibly see a decrease of 58%, as low as $ 1.01 falls.
Source: TradingView
This drop depends on whether the two support levels under the current price of the current press time do not offer a rebound. The first level of support is $ 2.18 and the second at $ 1.67.
If buying orders at these levels remains low, it could actively see the continuous price decrease.
A decrease back to the $ 1 region would erase all the win that SUI has taken over since September.
Sellers dominate as the derivatives Data signals fall
The Bearish sentiment is not limited to the spot market and data in the chain mestal also sell derivatives market traders, because open interest takes a huge dip and liquidation data for the favors of short traders (sellers).
OI has fallen 13.17% to $ 523 million, while liquidation data demonstrated that more than $ 8.24 million in long positions on SUI have been closed – a considerable difference with the $ 508,000 in short positions that were liquidated.
This difference in long and short liquidations shows that the market is currently for sellers, and the price will probably remain lower trending until a shift occurs.