SUI’s Bullish Divergence Points to a 30% Rally
Only a handful of cryptocurrencies have managed to resist a massive decline during the recent price drop, and Sui, the native token of the SUI blockchain, is one of them. The daily chart for assets shows that SUI remains above the key support level of $3 and 200 exponential moving average (EMA).
SUI technical analysis and upcoming levels
With the latest retest of this support level, expert analysis shows that Sui appears to be forming a double-bottom price action pattern for units, and prices have begun to rise. However, the daily chart not only marks a bullish pattern, but also shows bullish divergence, suggesting that assets may soon experience large upside rally.
According to recent price action, if SUI holds its support level, it could surge 30% in the near future to reach the $4.15 level.
Apart from this prediction, bullish papers will remain valid only if the SUI price remains above $2.97. Otherwise, it may fail.
SUI is currently trading at nearly $3.18, with a price increase of more than 7.50% in the past 24 hours. However, during the same period, bullish price action led to an increase in traders and investors’ participation, resulting in a 15% increase in trading volume.
$21 million worth of SUI outflow
As Chain Analytics reports, investors and long-term holders have accumulated assets greatly during this surge in participation. Small shop.
Data from spot inflows and outflows suggest that the exchange witnessed the outflow of $21 million worth of SUI tokens, indicating potential accumulation.
In this continued price recovery, market sentiment remains positive as investors and analysts see it as a bullish signal that can drive buying pressure and further upward momentum.
Businessmen are optimistic about long-term bets
In addition to bullish participation from investors and long-term holders, intraday traders seem to follow the same trend.
The data show that traders who bet for a long time have a leverage ratio of $3.123, setting up a long position worth $7.55 million at that level because they don’t think the price will be lower than it.
Instead, $3.26 is another level of over-leverage, where traders accumulate short positions worth $5.2 million by betting on short positions.
Data on this chain suggests that bulls, including traders and investors, are currently supporting price action and could help asset surges in the coming days.
