Sui (SUI) could soon see a bullish breakout, with many traders wagering on the crypto surpassing $2. Strong fundamentals back this optimistic outlook, highlighting SUI as a potential top performer in the market cycle.
As Coinglass data indicates, the long/short ratio stands at 1.3, with 56.65% of traders opting for long positions on SUI. Trading and open interest volumes have surged, showing traders' confidence in SUI's upward momentum. Rising short position liquidations further bolster this sentiment.
SUI's rally has seen it climb over 100% in the past month, breaking into the top 20 crypto ranking. The Sui network has seen increased decentralized finance (DeFi) activity, contributing to its robust fundamentals. DeFiLlama data shows a 50% increase in DEX volume on the network.
Experts like Michael Van De Poppe predict that SUI could reach $2.50 soon, having recently bounced from $1.79. A break above $1.91 could lead to price discovery, with the coin's current all-time high being $2.18.
At the time of writing, SUI trades at around $2, up over 11% in the last 24 hours, reinforcing its positive outlook.
