60% of SUI bulls are short! Is the bull market starting or is it a high-level correction? The battle for $3 is about to begin!

In trading and investing, what matters is not how much money you make, but how much money you don't lose.
The SUI project is a groundbreaking Layer-1 (L1) token that aims to fill the gap in global adoption by providing a powerful and scalable solution. In addition, it has surged by more than 111.13% in the past month, attracting a lot of attention in the crypto space.
SUI technical analysis and upcoming levels
Bullish On-Chain Indicators
SUI Current Price Momentum
The entire cryptocurrency market is experiencing a strong recovery. Amid this, the SUI layer 1 blockchain is expected to rebound sharply as its on-chain indicators give a potential buy signal. SUI has shown an impressive growth of 175% since the beginning of September 2024, and now investors and traders are betting heavily on this layer 1 token.
SUI technical analysis and upcoming levelsAccording to CoinPedia’s technical analysis, SUI appears bullish as it recently broke above the strong resistance at $2.01 and is currently heading towards a new all-time high. The recent breakout, coupled with a daily chart close above the resistance, clears the way for an upside rally.
Based on historical price momentum, there is a good chance that the SUI will surge sharply and make new highs in the coming days. Despite the recent ups and downs in the market, the SUI remains in an uptrend as it is trading above the 200 exponential moving average (EMA) on the daily timeframe.
Bullish On-Chain IndicatorsOn-chain metrics further support SUI’s bullish outlook. According to on-chain analytics firm Coinglass, SUI’s long/short ratio currently stands at 1.688, the highest level since September 2024. This record-breaking ratio indicates that traders are strongly bullish on the market.
Moreover, its future open interest has increased by 21% in the past 24 hours and 4.2% in the past 4 hours. The increase in open interest suggests that traders may be betting more on long positions than short positions. Currently, 62.8% of the top traders hold long positions, while 37.2% hold short positions. This suggests that traders believe that SUI could surge significantly in the coming days.
Combining these on-chain indicators with technical analysis, it appears that bulls are currently dominating the asset and could potentially support an upcoming upside rally in SUI.
Sui's Current Market Conditions
Price volatility: SUI’s price has increased by 60% in the past few weeks, but has fallen by 4.4% in the last 24 hours, showing the volatility of the market.
Market Sentiment: Despite the increase in long positions, overall trading volumes have fallen sharply, indicating that market participation is declining, which may foreshadow a price correction.
When considering buying Sui, you should consider multiple factors such as market sentiment, price fluctuations, technical analysis, etc., and make investment decisions carefully. At the same time, pay close attention to market dynamics so that you can adjust your strategy in a timely manner.
SUI Current Price MomentumAt press time, SUI is trading near $2.05, with a price increase of more than 13.1% over the past 24 hours. During the same period, its trading volume has surged 26%, indicating increased participation from traders and investors amid the ongoing market recovery.
SUI Price Prediction 2025Considering the continued bullish sentiment, the altcoin prediction for 2025 suggests that its price could hit new all-time highs as high as $3.56.
However, after a brief correction, it could reach a potential low of $1.21, with an average price of $2.38