- SUI’s price has increased more than 20 percent in just the last week.
- Most other metrics remain positive despite a drop in whale exposure.
SUI Last week, it showed a commendable performance as its price climbed to double digits. Most others were struggling. In the past day, the bears have been invited back into the market.
Is this a sign that SUI bullish rally will end within the next few days? We’ll find out.
SUI Chart: Bullish Pattern
CoinMarketCap’s data SUI token investors made profits during the past week, as its value soared 18% to $0.98. The token’s value dropped 2% in the past 24 hours, which was a bearish development.
SUI, at the time this article was written, traded for $0.9067 and had a capitalization over $2.4 billion. This made it the 31st biggest crypto.
The latest setback could just be the beginning of a huge rise. AMBCrypto analyzed the daily chart of SUI and found that it was consolidating within a bullish triangle pattern.
Since then, the tokens have been condensing inside of it.
The token’s pattern was close to completion at the time of publication, indicating a possible bullish breakout. SUI may register 50% growth in the event of an SUI breakout and could reclaim $1.40 within days or even weeks.
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Does a SUI cryptocurrency surge of 50% seem inevitable?
AMBCrypto checked on-chain token data in order to determine if they supported the idea of a possible bullish breakout within the next few days.
After a rapid rise in open interest, Santiment data showed that the price of SUI fell along with it over the last 24 hours. In general, a decrease in the indicator indicates that the price trend is changing.
Santiment
As the price of the token soared, so did its trading volume. It was a perfect foundation for an upswing. The weighted sentiment of the token also grew sharply.
It means that the bullish sentiment towards the token is dominant on the market.
Hyblock Capital data, on the other hand, showed a negative metric. SUI’s whale-vs-retail delta fell from 100 to 9,6. This suggests that whales are less exposed in the market.
Source: Hyblock Capital
Next, we looked at the daily chart for toke. It was interesting to see that most indicators supported the bulls. According to Bollinger Bands, the token price has successfully moved over its Simple Moving Average (20-day SMA).
Whether you think it’s realistic or not. SUI market cap in BTC’s terms
Technically, the MACD showed a crossover that was bullish.
Moreover, Money Flow Index(MFI)also registered an increase, suggesting that SUI could successfully break over the bull pattern within the next few days.
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Source: ambcrypto.com
