SUI has recently been brought back into the spotlight. The reason is simple—Bitwise has officially submitted the S-1 filing for the SUI spot ETF. This is not just an ordinary positive development; it means #sui is transitioning from a 'high-volatility altcoin' to a compliant asset that may be allocated by institutions.
This ETF proposal is not just 'riding the concept' but is 100% spot-backed + staking integration + physical creation and redemption, which means it is directly linked to the real supply and demand of SUI. For institutions, this is much more reliable than simply speculating on the price.
📉 The price is stuck in a critical range, and the bears are beginning to lose momentum.
Currently, SUI is still oscillating within a descending wedge, repeatedly testing the lower edge around $1.32 – $1.38. This area has resisted selling pressure multiple times since December, and every dip has been quickly reversed, indicating that selling pressure is weakening.
If it really breaks down, the important support below is at $1.18; while the pressure above is concentrated at $1.72, with a larger supply zone at $2.18. To put it simply: this is not a trending market, but rather a stage of building up for a big move ⚡.
💣 The liquidation data is quite interesting
Recently, during a wave of intense fluctuations, the amount of short liquidations was significantly higher than that of long liquidations. What does this indicate? Shorts seem to have over-leveraged near the support level, yet the price did not continue to drop, resulting in a counterattack.
This does not mean an immediate reversal, but at least it indicates that the downward momentum is weakening.
📊 Leverage is entering the market, not fleeing
Open Interest (OI) has risen to $658 million, and this increase occurred during a price consolidation. This usually means that new funds are entering the market, rather than old funds withdrawing.
Moreover, with shorts being liquidated and OI rising, it is very likely that the direction is quietly shifting.
🐳 Binance's top traders are clearly leaning bullish
Data shows that the long-short ratio for top traders is close to 1.8, and they were already positioned long before the price broke through. Experienced traders often bet early rather than chase highs, which is crucial.
🚀 In summary,
ETF institutional narrative + price structure compression + rising short pressure + bullish funds entering early
👉 SUI is more like gathering strength rather than continuing to drop
If the price effectively breaks the descending wedge, the market is likely to stop dragging and choose a direction. As for whether $1.38 can hold?
Currently, the confidence of the bulls is gradually returning 💪📈
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