SUI, the native coin of the Layer-1 Sui Network, has surged by 115% to $1.92 recently. However, this rise is accompanied by significant short interest, indicating trader skepticism about its long-term viability.
A negative funding rate of -0.0012% shows traders are paying to maintain short positions, highlighting a bearish sentiment despite the price rally.
SUI's open interest stands at $810 million, suggesting more market participants are betting against the price increase. However, continued price rise could lead to a short squeeze, potentially driving SUI to reclaim its all-time high of $2.18.
If demand falters, SUI's price could drop to $1.81 or even $1.52 amidst increased selling pressure.
