Sui recorded a significant bullish run last week as the broader crypto market experienced a rebound. However, traders now anticipate a price correction for the asset.

Sui registered an 83% price surge over the past seven days — climbing 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.

Notably, Sui 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.

One of the main reasons behind Sui’s price surge could be the launch of the Grayscale investment trust for the asset on Aug. 7. Another factor could be the market-wide rebound as the global crypto market capitalization increased from $1.9 trillion to $2.07 trillion on Aug. 6.

According to data provided by Santiment, the total open interest for Sui dropped from $360 million to $341 million over the past 24 hours. This decline followed $4.25 million in liquidations within a day.

After the impressive price surge, data from the market intelligence platform indicates that the total funding rates aggregated by Sui have plunged to negative 0.0048%. This suggests that short-position holders are currently dominating long-position holders.

At this point, the majority of traders are betting on Sui’s price fall.

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