- SUI in the amount of $39.98M flooded exchanges. Long-term SUI holders may be selling their SUI.
- Traders are over-leveraged between $3.71–$4.15, signaling high risk and conviction on both sides of the market.
Sui [SUI] Investors and traders have been paying attention to the company after it has experienced a 10 percent rally in just 24 hours.
The market sentiment in the cryptocurrency space is positive, as major assets such Bitcoin [BTC] The following are some examples of how to get started: Ethereum [ETH] Their strong performances are influencing the wider market.
SUI Inflows of $40M – Selloff Signal?
CoinGlass reported that during the height rally, the exchanges registered SUI inflows of $39.98 millions within 24 hours.
CoinGlass
An increase in assets after a rally could be a sign of selling pressure by long-term owners.
It is possible for the SUI to not lose momentum due to the fact that sentiment is bullish.
The bullish trend is not only dominated by long-term investors, but also traders.
The traders were looking for a low bound of $3.7111, and a high bound of $4.15.
These levels suggest that traders have a significant amount of leverage, as they hold long positions worth $80,000,000 and short positions worth $30,000,000.
The bulls, based on the traders’ behavior, believe that SUI coin prices will not drop below $3.71.
CoinGlass
SUI Price Action and Technical Analysis
AMBCrypto’s technical analysis shows that SUI is bullish, and poised to maintain its upward trend.
SUI’s four-hour chart shows that it has emerged from a long consolidation period that formed around the $3.80 key resistance level.
The asset retested the level after the breakout and has continued on its upward trend.
TradingView
The price could rise by 40% to $5.65 if the current level is maintained.
The setup is valid so long as SUI remains above $3.80. The breakout structure could be invalidated by any breakdown.
SUI’s Relative Strength Index reached 75, indicating that it has entered the territory of overbought. The RSI level is below 70, which indicates a possible price correction.
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Source: ambcrypto.com
