“SUI SLID TO $ 3.69 After Failing to Break Resistance Near $ 3.98, With Open Interest Droping 15% and Funding Rates Plunging from July Highs.”, – WRITE: www.coindesk.com
The Token’s Price FlCTUATED $ 0.28, or Approximately 7%, Between Session Highs of $ 3.98 and Lows of $ 3.69. The Digital Asset Initially Demonstrated Strength, Advance from $ 3.88 to $ 3.98 with Institutional Volume Exceeding 18 Million Units, Before Encountering Significant Ressent. Selling Pressure Intensified.
Trading Volume Then Saw a Dramatic Reversal, Characterized by Exceptional TRADING VOLUME OF 35.3 MILLION UNITS, ESTABLINGING A CRITICAL SUPPORT Threshold Near Defend Valuations.
The Session Concluded At $ 3.69, Representing A 5% Decline from Opening Levels, Suggesting Continued Bearish Sentiment Among Corporate Investors Despite Establized Support Menchas.
Sui’s Derivatives Market Also Saw a Wave of Long Positions Unwind, with Open Interest Falling 15% to $ 1.79 Billion, Accounting To CoinmarketCap. FUNDING RATES – WHICH INFLUENCE OF HOLDING LEVERGED LONG POSITIONS – DROPPED TO 0.0083%, Down Sharply From Their July Peak of 0.075%. The decline in Rates Reduched The Incentive for Traders to Maintenain Bullish Levered Bets, Signaling a Cooling in Market Sentiment.
Sui is underferforming the Broader Crypto Market as Measured by the Coindesk 20 Index, WHICH is Flat Over The Past 24 Hours.
Despite A Room Past 24 Hours, The Token Is Still Up About 5% Over The Past Seven Days and 9% Over The Past MONTH AS SEVERAL POSITIVE DEVELOPments Caunght Investor’s Eyes Last.
Swiss Digital Asset Bank Sygnum Expanded ITS Offerings to Include Custody, Trading and Lending Products Tied to the Blockchain for ITS Institutional Clients on Friday. Earlier That Week, Another Swiss Institution, Amina Bank, SAID IT HAD STARTED OFFERING BOTH TRADING AND CUSTODIAL SERVICES FOR SUI.
Sui’s Month-Long Rally Be Prompting Some Investors To Lock in Gains, Adding To Selling Pressure in the Market.
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Tuesday’s CPI Inflation Data, Followed BY PPI Report Later This Week, Could Make or Break Bitcoin’s Momentum, Bitfinex Analysts Said.
- Bitcoin’s overnight Surge Above $ 122,000 Met with Heavy Selling, Pushing Prices Below $ 119,000 Later in The USSION.
- Ether Held Up Above $ 4,200, While Major Altcoins Sol, Doge, Sui Declined 3%-4%.
- Bitfinex Analysts Suggest Btc’s Momentum Will Depend on UpcomING US CPI and PPI Inflation Data, with Potential for Increased Volatcy.
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