CandleFocus Rising Open Interest May Not Keep SUI Above $2 — Here’s Why
2024-10-31
Author: Content Editor
The open interest for the cryptocurrency Sui (SUI) has surpassed $400 million as the altcoin's price reached $2. However, recent on-chain analysis suggests that the increase in open interest may not support an uptrend. The funding rate has turned negative, indicating a bearish outlook, and the Balance of Power indicator suggests bears are in control. If the price drops to $1.64 and open interest continues to increase, the prediction of a climb to $2.37 may not come true.
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