CandleFocus Investor interest in SUI is fading away after fall from ATH
2024-11-04
Author: Content Editor
The cryptocurrency Sui (SUI) reached an all-time high of $2.36 on October 14th, driven by positive sentiment from the launch of an MLS-themed NFT platform and the introduction of USD Coin on Sui's mainnet. However, the bullish trend faded as the broader crypto market corrected, leading to a shift in sentiment from positive to negative. Open interest in SUI's perpetual contracts also dropped significantly. Despite the negative sentiment, SUI's funding rate increased and its price surpassed $1.95. Currently, SUI is trading at $1.88, up 0.3% in the past 24 hours, with a market cap of $5.3 billion. However, further correction could trigger long liquidations and potentially result in a selloff.
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