- The short positions of Abraxas Capital on BTC, ETH, SOL, Hype and Sui had a floating profit of more than $ 55 million.
- The weekly candles showed weakness, but holding the $ 3 zone was crucial for a return.
Abraxas Capital grabbed the chance of the Cryptocurrency elimination offered to gain a profit of a discount on Bitcoin [BTC]Ethereum [ETH]Solana [SOL]Hyperliquid [HYPE] and sui network [SUI] on the hyperliquid exchange, if Onchain -lens noted.
It was clear from these transactions with two portfolios that the company expected a steep fall in large assets.
Compared to Sui, this short interest rate led to a decrease in the price. This could have emerged from the general market sentiment and short sellers with the help of borrowed capital.
Is Sui in a pullback or breakdown?
On that comment, as the price dropped to $ 3.00, Sui faced an important challenge that could help protect the profit or cause a rebound.
Signs of wiggle appeared, which hinted that Bulls waited before they made a movement. If sui reverses from $ 3, it could recapture $ 4 and then return to test his top at $ 5.36.
If $ 3.00 applies, the price could back to $ 3.90 and eventually $ 5.36, his recent high tests.
Failure to defend this area can, however, drag SUI to the $ 2.00 zone or $ 1.38 – $ 1.50, both of which served as historical support in March and April.
The Histogram of the MACD remained green and positive, which meant that that momentum did not become completely bearish.
A break of higher lows in the price structure made it possible that sui could form a wider pattern of negativity.
Source: TradingView
If the level of $ 3 applies, a bouncer can let the market go up to $ 3.90 or even $ 5 after a while.
However, if Bearish trends would continue, Sui cannot retain above the most important support levels, creating even more extreme drops.
But if the sui market started to cover and shorts, it would cause a rapid and strong increase.
Liquidations that lean on sales side
What is even more important, the liquidation map shows traders heavily placed on the sales side. About $ 13.78 million in short liquidations remains vulnerable if the price to the $ 3.39 cluster rises.
This cluster, between $ 3.05 and $ 3.39, is loaded with 10x, 25x and 50x lifting tree positions. A movement beyond $ 3.06 could activate a cascade of liquidations, forcing short sellers to leave.
At the same time, a structure of cumulative long positions is just below $ 3.06, especially between $ 2.70 and $ 2.95. This setup is a double risk – if price increases are pressed shorts; If it drops, Longs can hurry to leave.
Source: Coinglass
Moreover, the sales pressure of those who had long gone to sui can lead to the market selling even more the losses to reduce losses or take a profit.
Although there were two main groups, it showed that most people gambled at lower prices.