SUI Surges Past 10% as Short Sellers Face Mass Liquidation

SUI has surged past 10% in just 24 hours, driven by short liquidations and spot buying on major exchanges. According to CoinGlass data, a wave of short sellers faced mass liquidation, with $1.74 million in shorts being wiped out over the last day. This is a significant contributor to SUI's price increase, which has reached $0.7966.

Spot market data also points to genuine buying interest, with Binance leading the way with $2.94 million in net spot cash inflows over a 12-hour period. Other exchanges such as Gate, Coinbase, OKX, and Bitstamp also recorded positive spot flows during this time.

The aggregate open interest across SUI futures markets expanded by 18.48%, while Binance's top trader accounts carry a long-to-short ratio of 3.06, indicating a heavily skewed market towards the long side. However, analysts warn that if momentum stalls, this could lead to a shakeout.