Sui surges 83% in 7 day trading, short traders expect downfall

Sui recorded an impressive bullish run last week as the broader crypto market saw a rebound. But traders now expect a price correction for the asset.

Sui (SUI) registered an 83% price surge over the past seven days — rising from $0.50 on Aug. 5 to a two-month high of $0.95 earlier today. The asset is up by 5.8% in the past 24 hours and is trading at $0.94 at the time of writing.

SUI price – Aug. 12 | Source: crypto.news

Notably, SUI is currently the only cryptocurrency among the leading 100 to record bullish gains over the past day.

Following the price hike, SUI’s market cap surpassed the $2.4 billion mark — making it the 30th-largest crypto asset — with a daily trading volume of roughly $400 million. 

One of the main reasons behind SUI’s price surge could be the launch of the Grayscale investment trust for the asset on Aug. 7. Another could be the market-wide rebound as the global crypto market capitalization surged from $1.9 trillion to $2.07 trillion on Aug. 6.

According to data provided by Santiment, the SUI total open interest dropped from $360 million to $341 million over the past 24 hours. The decline came after SUI saw $4.25 million in liquidations in a day.

SUI price, open interest and funding rate – Aug. 12 | Source: Santiment

Following the impressive price surge, data from the market intelligence platform shows that the total funding rates aggregated by SUI have plunged to negative 0.0048%. The indicator shows that the amount of short-position holders is currently dominating long-position holders. 

At this point, the majority of the traders are betting on SUI’s price fall.