While the broader cryptocurrency market struggles with a significant downturn, SUI, the native token of the Sui blockchain, has demonstrated resilience. The asset has maintained its position above the crucial $3 support level and the 200 Exponential Moving Average (EMA), signaling potential for a bullish breakout.
SUI Technical Analysis: A Bullish Pattern Emerging
SUI’s daily chart reveals the formation of a bullish double-bottom price pattern. This structure, combined with a bullish divergence, suggests that the token could be on the verge of a strong upward rally. If SUI successfully holds its support level, analysts predict a 30% price surge, potentially reaching $4.15 in the near term.
However, this bullish outlook depends on SUI maintaining its position above the $2.97 threshold. A break below this level could invalidate the positive forecast, leading to a potential decline. As of now, SUI is trading at approximately $3.18, reflecting a 7.5% gain over the past 24 hours. Additionally, a surge in trading activity has pushed volume up by 15%, highlighting increased market participation.
$21 Million SUI Outflow Signals Accumulation
Amid this price recovery, on-chain data from Coinglass suggests that investors and long-term holders are aggressively accumulating SUI. Exchange outflows of $21 million worth of SUI indicate that traders are withdrawing tokens to hold, reducing selling pressure and fueling a potential price increase.
Market sentiment remains bullish as accumulation trends suggest strong confidence in SUI’s future performance. If this trend continues, it could further support the asset’s upside momentum.
Traders Go Long on SUI
Alongside investor accumulation, intraday traders are also positioning themselves for a bullish breakout. At the $3.123 level, traders have built $7.55 million worth of long positions, anticipating that the price will hold above this support. Conversely, short sellers have placed $5.20 million in positions at $3.26, indicating potential resistance at that level.
Also Read: Coinbase Hit with Shareholder Lawsuit Over Bankruptcy Risks and Insider Trading Allegations
With strong technical indicators, growing investor confidence, and bullish positioning among traders, SUI appears poised for a significant move. If support levels hold, the token could be on track for a major rally in the coming days.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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