SUI loaded with 25x shorts – Hints of a violent move emerge

The post SUI loaded with 25x shorts – Hints of a violent move emerge appeared on BitcoinEthereumNews.com.

Abraxas Capital’s short positions on BTC, ETH, SOL, HYPE, and SUI were in a floating profit over $55M. The weekly candles showed weakness but holding the $3 zone was critical for a bounce back. Abraxas Capital seized the chance provided by the cryptocurrency decline to amass profits from shorting on Bitcoin [BTC], Ethereum [ETH], Solana [SOL], Hyperliquid [HYPE] and Sui Network [SUI] on the HyperLiquid exchange, as OnChain Lens noted. It was clear from these trades involving two wallets that the firm was expecting a steep drop in major assets. Relative to SUI, this short interest led to a decrease in its price. This could have stemmed from the general market sentiment and short sellers using borrowed capital. Is SUI in a pullback or breakdown? On that note, as the price dropped to $3.00, SUI faced a key challenge that could help protect the gains or spark a rebound. Signs of wobbling appeared, which hinted that bulls were waiting before making a move. Should SUI reverse from $3, it could retake $4 then return to test its top at $5.36. If $3.00 holds, price could rebound toward $3.90 and eventually retest $5.36, its recent high. However, failure to defend this area could drag SUI toward the $2.00 zone or the $1.38–$1.50 range, both of which have served as historical support in March and April. The histogram of the MACD remained green and positive, which meant that momentum was not entirely turning bearish. A break of higher lows in the price structure made it possible that SUI could be forming a wider pattern of negativity. Source: TradingView If the $3 level holds, a bounce could make the market go as high as $3.90 or even $5 after a while. However, if bearish trends continued, SUI could be unable to hold above…