crypto.news
Sui has been moving in a highly volatile zone over the past month, but these movements have increased negative sentiment around the asset.
Sui ($SUI) reached an all-time high of $2.36 on Oct. 14 as the cryptocurrency market witnessed a sharp bullish momentum. The launch of MLS Quest, a Major League Soccer-themed non-fungible token platform, in partnership with the Gamified blockchain startup Sweet added to the positive sentiment around $SUI.
Another key driver was launching USD Coin (USDC) on Sui’s mainnet.
However, the bullish trend around $SUI faded away in two weeks after reaching its $ATH as the broader crypto market faced correction.
Triggering negativity
According to data provided by Santiment, the weighted sentiment around Sui on social platforms saw a major shift from 0.06 to -0.06 over the last two days.
$SUI is fading away after fall from $ATH - 1"> Negative sentiment usually hints at times of fear, doubt and uncertainty—FUD for short—consequently, pushing the price downwards.
Data from the market intelligence platform shows that the total open interest in $SUI’s perpetual contracts plunged from $895 million on Oct. 7—when the market-wide bullish movement started—to $330 million at the reporting time.
$SUI’s open interest is currently at its two-month low.
Despite the increasingly negative sentiment, $SUI’s funding rate shifted from -0.002% to 0.01% as its price surpassed the $1.95 mark earlier today.
$SUI is up 0.3% in the past 24 hours and is trading at $1.88 at the time of writing. It’s still the 18th-largest crypto asset with a market cap of $5.3 billion. $SUI’s daily trading volume increased by 30%, reaching $630 million.
Notably, if $SUI faces a further correction, the long liquidations could potentially panic the investors—ultimately leading to a selloff due to the negative sentiment surrounding the asset.