Sui (SUI) A bullish breakout could be coming soon, with cryptocurrency investors betting that the cryptocurrency will rise above $2. SUI’s fundamentals also paint a bullish picture for the cryptocurrency and indicate that it could be one of the best on the market this market cycle.

SUI Eyes Breakout and investors will go long

SUI may be on the verge of breaking, and investors are betting that the cryptocurrency’s price will rise. Coin data shows that the long to low ratio is currently 1.3, with 56.65% of traders opening long positions on SUI compared to 43.35% of traders going low. SUI derivatives trading volume increased by over 33%, indicating that these investors are very confident that the cryptocurrency will rise.

Meanwhile, open interest also increased by over 14%, further confirming the enormous attention SUI is currently receiving. These long-dated investors already appear to have an advantage, given that more liquidations have occurred in the short-dated market. Further data from Coinglass shows low interest stands at $5.14 Million have been liquidated in the last 24 hours compared to $1.58 million in long positions.

This is a bullish outcome for the SUI price as a breakout can easily be achieved as more low traders get knocked out of their positions. Moreover, the coin has been gaining value for some time, and its fundamentals and technical analysis suggest that the upward trend may continue. SUI has already come together over 100% in the last month, thus entering the top 20 cryptocurrency rankings.

Factors supporting the coin’s continued price growth include growing decentralized finance (DeFi) activity on the Sui network. DeFiLlama data shows that decentralized currency exchange (DEX) volume on the network increased by more than 50% last week. Total Value Locked (TVL) is also growing, having recently crossed the $1 billion mark.

Price break to $2.50

Crypto expert Michael Van De Poppe predicted that SU price it could soon go as high as $2.50. He excellent that the coin made a robust rebound at the price level of $1.79. As such, he expects the price to continue trending toward recent highs, potentially reaching $2.20 to $2.50.

The enhance to this price range is significant because it will represent newness highest level ever (ATH) at the price of SUI, whose current ATH is $2.18. Meanwhile, cryptocurrency analyst The Cryptomist indicated that the coin’s weekly close will likely determine its next move. She claimed that a break above $1.91 would lead to price discovery.

As of this writing, it’s trading around $2, up over 11% in the last 24 hours, according to SUI data. data from CoinMarketCap.

Featured image from Pexels, chart from TradingView