Sui (SUI) and Avalanche (AVAX) are making waves in the blockchain world, competing to capture investor attention. While Sui’s price has surged recently, Avalanche is experiencing a lull. Let’s dive into their performance, trading trends, and market sentiment to see which one is pulling ahead.
Sui’s Market Performance
Sui has impressed investors with a 17.63% price increase in 24 hours, pushing its value to $4.28. Trading volume skyrocketed over 100%, reflecting growing market interest. Its market cap has now reached $12.53 billion, signaling rising confidence.
Key price levels for Sui show resistance around $4.40 and support near $3.65. A bullish break past $4.40 could push the price toward $4.50. Conversely, a drop in trading activity might result in a pullback to the $3.80-$3.65 range, where buyers are likely to step in.
Derivatives Market Signals for Sui
Sui’s derivatives market has seen a notable spike, with a 121.38% increase in trading volume to $4.79 billion, according to Coinglass. Open interest has also risen by 22.75%, showing more traders entering the market.
However, the long/short ratio leans slightly toward shorts, particularly on Binance and OKX. This cautious sentiment suggests short-term hesitancy, but overall momentum remains bullish, thanks to increased trading activity.
Avalanche’s Market Outlook
Unlike Sui, Avalanche is in a quieter phase. Its price is currently $53.01, down 2.15% in the last 24 hours. Key support levels sit at $51.50 and $50.00, while resistance is at $54.25. A breakout above resistance could push AVAX toward $56.00, but reduced trading activity raises concerns.
Trading volume for AVAX has dropped by 19.54%, reflecting lower investor engagement and confidence.
AVAX Derivatives and Liquidity Trends
The derivatives market for AVAX mirrors its subdued price action. Trading volume has declined by 24.02%, reaching $1.59 billion, though open interest remains stable.
The long/short ratio at 0.93 shows a slight tilt toward short positions. Most traders on Binance and OKX are betting on further price drops. Additionally, liquidation data reveals that long positions are taking the brunt of the losses, indicating struggles to sustain bullish momentum.
Which Blockchain Is Winning?
Sui is clearly capturing market momentum with surging prices, strong trading volume, and bullish sentiment in its derivatives market. Avalanche, on the other hand, faces lower activity and bearish sentiment, though its support levels remain intact.
Both networks have their unique strengths, but Sui appears to be the current frontrunner. As the blockchain rivalry unfolds, investors will watch closely to determine the next big winner.
