An analysis from Hyblock Capital sheds light on SUI’s market behavior, focusing on the True Retail Long% indicator. According to Hyblock, SUI has ranked lowest in this metric on the Crypto Rankmap, with retail traders showing limited interest in holding long positions.
Besides, this analysis suggests that when the True Retail Long% falls below a critical threshold, SUI’s price tends to move toward its range top, indicating a potential peak.
The True Retail Long% represents the percentage of retail traders holding long positions in a cryptocurrency. For SUI, this figure is around 34.42%, the lowest among the ranked cryptocurrencies on Hyblock’s Crypto Rankmap.
$SUI ranked the lowest on the True Retail Long% in the Crypto Rankmap.Investigating further, we noticed a pattern: when the True Retail Long% drops below 35%, the price tends to hit the range top. Keep an eye on True Retail Long% in case it drops below 35% again pic.twitter.com/PgThaS28n6
— Hyblock (@hyblockcapital) October 9, 2024
Historically, a True Retail Long% below 35% has coincided with price surges, pushing SUI to its range top. Hyblock’s data highlights that previous dips below this percentage have resulted in notable price increases for SUI.
Historical Price Patterns
Hyblock’s analysis has consistently shown a relationship between SUI’s price action and its True Retail Long%. Each time the percentage dropped below 35%, SUI experienced a price rise toward its range top.
The most recent example occurred when the price surged above $2.10, coinciding with a dip in retail long interest.
As of the latest data, SUI is trading around $1.90, with the True Retail Long% standing at approximately 44.44%. Although this percentage has not yet dipped below the critical threshold, the historical pattern suggests traders should monitor it closely.
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Potential Price Surge Indicators
The correlation between retail long positions and price peaks provides valuable insight for traders. If the True Retail Long% drops again, SUI may experience another move toward its range top. This pattern has been observed multiple times, reinforcing the idea that retail long positions are a reliable indicator of potential price increases.
While SUI’s True Retail Long% currently remains above the critical threshold, market participants are advised to keep a close watch on this metric. Should it fall below 35%, another price surge could be imminent based on historical data.
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