CandleFocus Sui (SUI) Traders Unimpressed by Price Surge as Short Interest Climbs
2024-10-09
Author: Content Editor
The native coin of Layer-1 blockchain Sui Network, SUI, has experienced a significant price growth of 115% over the past month. However, this bullish trend is met with growing short interest, indicating skepticism about its long-term prospects. The negative funding rate and rising open interest suggest that many new positions being opened are short, reflecting a bearish market sentiment. Despite this, SUI's price continues to climb, raising the possibility of a short squeeze where short sellers may be forced to close their positions, potentially driving the price even higher. If the demand for SUI drops, a correction could lead to a decline in price.
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