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Can SUI Fall To $1.40? On-Chain Data Exposes Declining Demand
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Can SUI Fall To $1.40? On-Chain Data Exposes Declining Demand

Sebastian Villafuerte
Sebastian Villafuerte
8 months ago
3 mins read
Can SUI Fall To $1.40? On-Chain Data Exposes Declining Demand

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SUI is currently testing a crucial supply zone following a massive 95% surge triggered by the Federal Reserve’s recent interest rate cut announcement. The explosive rally, driven by significant buying pressure, has led to volatile price action, raising questions about whether this upward momentum can be sustained.

 As SUI hovers near its current highs, market speculation is increasing around the possibility of a correction to lower demand levels, with $1.40 being the key target.

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Key data from Coinglass reveals a decline in market demand, signaling a potential slowdown in buying activity. This has left some investors on edge, as they anticipate a price drop in the coming days. The sudden surge has fueled both optimism and caution as traders weigh the potential for continued gains against the risk of a sharp reversal. 

With SUI now at a critical juncture, the next few days will be pivotal in determining whether the bullish trend can continue or if the market will retrace to more stable demand levels. Investors are watching closely, ready to adjust their strategies based on the unfolding price action.

SUI Funding Rate Signals Price Drop

 SUI is at a critical point after days of extreme price action and significant gains. Following its impressive 95% rally since the Federal Reserve’s interest rate cut announcement, some investors and traders are beginning to take profits, signaling a potential shift in market sentiment. Many now view a correction to $1.40 as inevitable, especially as buying pressure cools down.

Key data from Coinglass suggests a cooling demand, with the funding rate turning negative to -0.067, marking a yearly low. The funding rate is a key indicator in futures trading, representing the periodic payment between traders in long positions (betting on price increases) and those in short positions (betting on price declines). 

SUI funding rate at -0.067.
SUI funding rate at -0.067. | Source: Coinglass

When an asset’s funding rate turns negative, it indicates that more traders are opening short positions, expecting a drop in price. This shift reflects growing caution in the market as traders start positioning themselves for a potential downturn.

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With the funding rate at such a low and demand waning, the market is showing signs of cooling off after SUI’s explosive September rally. As a result, investors and traders are now patiently waiting for a correction to lower demand levels around $1.40, which could present new buying opportunities or signal further declines depending on the broader market conditions.

Key Levels To Watch

SUI is currently trading at $1.73 after experiencing days of volatile price action. The price surged but halted at the crucial $2 resistance level and has since entered a consolidation phase just below it. This key level has become a barrier for bulls, and a push above $2 is necessary for SUI to regain momentum and confirm a bullish trend.

SUI testing crucial supply levels below $2.
SUI testing crucial supply levels below $2. | Source: SUIUSDT chart on TradingView

However, the market remains uncertain, and if the price fails to hold the $1.60 support level, a deeper correction could follow. Analysts predict that a break below $1.60 may lead to a 20% drop, bringing SUI down to the $1.40 demand zone. This level is being closely monitored by investors and traders as a critical support to prevent further downside pressure.

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As the market fluctuates, SUI’s price action remains in a delicate balance between potential recovery and further correction. The next moves around these key levels will likely determine whether bulls regain control or if bears continue to push prices lower in the coming days.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte
Sebastian Villafuerte

Sebastian Villafuerte

Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.

Read more

To share his insights with others, Sebastian became an active contributor to online discussions on platforms like X and LinkedIn. His focus on fintech and crypto-related topics quickly established him as a trusted voice in the online crypto community. Sebastian's goal was to educate and inform his audience about the latest trends and insights in the rapidly evolving crypto landscape.

To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance and decentralized finance. The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.

Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K reports, or engaging in thought-provoking discussions about the future of finance.

Sebastian's journey as a crypto pioneer has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable contributor to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and helping to shape the future of this revolutionary technology.

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