Yesterday the crypto market witnessed Sui (SUI) rising to a new all-time high (ATH) at $2.37 as its trading volume touched $2 billion. This is the first time the coin has reached such a high volume and it coincided with Donald Trump winning the US election to be the 47th US President.
However, Sui initially fell short of setting the new ATH record as the US election results came out but gradually it gained. The altcoin unlocked the $2 billion trading volume for the first time since its May 2023 launch on November 6.
In the crypto world trading volume indicates the demand for the token, as it showcases investors' and traders' interest in the coin measured by their engagement with it. Hence the $2 billion volume spike led to the SUI token setting a new ATH record at $2.36.
This suggests that Sui will continue gaining in the coming days as a trading volume spiked coupled with an uptrend result in bullish price movements. The trading volume of the SUI token might increase to new heights if the digital asset keeps up with its 14% price surge in the last 7 days.
Earlier in the week, an investment platform's report revealed that the Sui network’s liquidity has been gaining in the last 3 months which points towards long liquidations. If the token trades below the $1.6 level then long liquidations are expected.
Sui’s primary liquidation pool was at the $2.2 level in October as the majority of the open positions were long positions of the previous month. The investment platform Alphractal also highlighted in its report that the SUI token's Open Interest (OI) has fallen to $370 million. This bearish OI turn shows the crypto market shifting interest as traders are adjusting positions in the face of uncertainty and volatility.
Sui had a near-term long-short ratio on major crypto exchanges like Bybit, Binance and OKX despite a negative funding rate for the token. At the same time, Sui’s open interest market cap had seen a 7% surge as its liquidations crossed $5 million in a single day.
Hence, analysts are expecting a further increase in the value of Sui as its volume gains. This comes at a time when the token experienced setbacks recently. The 1.09 Long/Short Ratio is an indication of a change in investors' sentiment as a below 1 ratio means more long positions leading to a price slump.
However, the majority of Sui holders (52%) penchant for long positions suggests that crypto investors are harbouring bullish sentiments. Some are bullish for the coin’s long-term prospects which they expect to run into double digits. Some crypto traders are confident that Sui will touch the $10 mark.
With the altcoin going above the 50-day and 20-day EMAs which is below the Sui’s price, the token is likely to cross the $3 level, breaking its new all-time high.
As of November 8 morning, Sui is trading at $2.29, gaining 1.46% in the last 24 hours while its trading volume has gone down by 21.31% to reach $952.58 million and the market cap is at $6.52 billion