SUI rose 10.29% to $0.7966 on Aug. 21 as $1.74 million in short liquidations forced buybacks. Binance led spot buying with $2.94 million in net inflows over 12 hours. The token now faces $0.80 resistance with support at $0.735-$0.745.
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SUI jumps 10% to $0.80 as $1.74M short liquidations fuel rally
SUI rose 10.29% to $0.7966 on Aug. 21 as $1.74 million in short liquidations across futures markets forced buybacks toward $0.80 resistance.
CoinGlass data shows total liquidations reached $2.17 million over the past 24 hours, with shorts accounting for $1.74 million. Market analyst Sarosh, posting on X, said more than 80% of all liquidations over the past day involved trapped short sellers.
Spot buying on Binance led with $2.94 million in net inflows over a 12-hour window, while Gate, Coinbase, OKX, and Bitstamp added a combined $1.44 million. Aggregate open interest expanded 18.48% to roughly $615 million, with Binance top traders leaning 3.06x long.
Support sits at $0.735-$0.745, the prior breakout zone, while a break above $0.80 could attract additional buying. SUI remains down 44.80% year to date despite the recent gains.
The move comes as the broader crypto market posted its seventh-largest liquidation event in history, with $3.5 billion in levered positions liquidated in 24 hours, according to The Kobeissi Letter. Bitcoin rose nearly 8% to around $77,500, while Ethereum gained close to 20% to trade above $2,200.
The rally was driven by a combination of regulatory expectations, macro liquidity operations, and leveraged short covering. The U.S. Treasury announced it would at least double the single-operation cap for liquidity-support repurchase operations involving 10- to 30-year Treasury bonds, from $2 billion to $4 billion, effective Sept. 9 through Nov. 4. Separately, Trump met with regulatory officials and crypto executives at the White House, including SEC Chairman Paul Atkins and CFTC Chairman Michael Selig.
For SUI specifically, 24-hour derivatives volume climbed 23.21% to roughly $955 million. Binance and KuCoin hold the largest shares of open interest at $108.31 million and $76.57 million, respectively, followed by Bybit at $76.32 million. Funding rates remain positive but moderate, sitting between 0.005% and 0.010% over eight-hour windows.
The elevated long-to-short ratio of 3.06 on Binance's top trader accounts raises the risk of a shakeout if momentum stalls near $0.80. The $0.735-$0.745 range marks the prior breakout zone now acting as support. SUI's 30-day performance window has turned positive for the first time in a month, though the token remains down 44.80% year to date.
If SUI breaks above $0.80, the next resistance levels could come into play, potentially attracting additional buying interest. However, the crowded long positioning at 3.06x suggests a pullback to the $0.735-$0.745 support shelf remains a real risk if momentum fades.
This article is for informational purposes only and does not constitute investment advice.
