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Sui recorded an impressive bullish run last week as the broader crypto market saw a rebound. But traders now expect a price correction for the asset. 
Sui (<a href="https://crypto.news/price/sui/" target="_blank" rel="noreferrer noopener">SUI</a>) registered an 83% price surge over the past seven days — rising from $0.50 on Aug. 5 to a two-month high of $0.95 earlier today. The asset is up by 5.8% in the past 24 hours and is trading at $0.94 at the time of writing. 
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 SUI price – Aug. 12 | Source: <a href="https://crypto.news/price/sui/" target="_blank" rel="noreferrer noopener">crypto.news</a>
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Notably, <a href="https://crypto.news/chart-of-the-week-%d1%81loser-look-at-suis-price-action/" target="_blank" rel="noreferrer noopener">SUI</a> is currently the only cryptocurrency among the leading 100 to record bullish gains over the past day. 
Following the price hike, SUI’s market cap surpassed the $2.4 billion mark — making it the 30th-largest crypto asset — with a daily trading volume of roughly $400 million.&nbsp; 
 You might also like: <a href="https://crypto.news/bitcoin-drops-4-as-156-4m-in-liquidations-hits-crypto-market/"> Bitcoin drops 4% as $156.4m in liquidations hits crypto market </a> 
One of the main reasons behind SUI’s price surge could be the <a href="https://crypto.news/grayscale-launches-crypto-investment-trusts-for-sui-and-tao/" target="_blank" rel="noreferrer noopener">launch</a> of the Grayscale investment trust for the asset on Aug. 7. Another could be the market-wide <a href="https://crypto.news/spot-ethereum-etfs-see-48m-in-inflows-crypto-market-rebounds/" target="_blank" rel="noreferrer noopener">rebound</a> as the global crypto market capitalization surged from $1.9 trillion to $2.07 trillion on Aug. 6. 
According to data provided by Santiment, the SUI total open interest dropped from $360 million to $341 million over the past 24 hours. The decline came after SUI <a href="https://www.coinglass.com/currencies/SUI" target="_blank" rel="">saw</a> $4.25 million in liquidations in a day. 
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 <img loading="lazy" decoding="async" width="3840" height="1300" src="https://crypto.news/app/uploads/2024/08/Sui-SUI-13.01.10-12-Aug-2024.png" alt="Sui surges 83% in 7 day trading, short traders expect downfall - 30"> 
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 <figcaption class="wp-element-caption">
 SUI price, open interest and funding rate – Aug. 12 | Source: <a href="https://app.santiment.net/charts/NvW0MDtV__sCl" target="_blank" rel="">Santiment</a>
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Following the impressive price surge, data from the market intelligence platform shows that the total funding rates aggregated by SUI have plunged to negative 0.0048%. The indicator shows that the amount of short-position holders is currently dominating long-position holders.&nbsp; 
At this point, the majority of the traders are betting on SUI’s price fall. 
 Read more: <a href="https://crypto.news/ena-pepe-lunc-top-cryptocurrencies-to-watch-this-week/"> ENA, PEPE, LUNC: Top cryptocurrencies to watch this week </a>

Sui surges 83% in 7 day trading, short traders expect downfall

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