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SUI’s Bullish Divergence Points to a 30% Rally

Published by
Chandan Gupta

During the recent price drop, only a few cryptocurrencies have managed to resist a massive decline, and SUI, the native token of the Sui blockchain, is one of them. The asset’s daily chart shows that SUI has remained above the crucial support level of $3 and the 200 Exponential Moving Average (EMA).

SUI Technical Analysis and Upcoming Level

With the recent retest of this support level, expert analysis suggests that SUI appears to be forming a bullish double-bottom price action pattern, and the price has started moving upward. However, the daily chart not only signals a bullish pattern but also shows a bullish divergence, indicating that the asset may soon experience a massive upside rally.

Based on recent price action, if SUI holds its support level, it could soar by 30% to reach the $4.15 level in the near future.

In addition to this prediction, the bullish thesis will remain valid only if SUI’s price stays above the $2.97 level, otherwise, it may fail.

SUI is currently trading near $3.18 and has experienced a price surge of over 7.50% in the past 24 hours. However, during the same period, bullish price action has driven increased participation from traders and investors, resulting in a 15% jump in trading volume.

$21 Million Worth SUI Outflow

During this surge in participation, investors and long-term holders have been significantly accumulating the asset, as reported by the on-chain analytics firm Coinglass.

Data from spot inflows and outflows revealed that exchanges have witnessed an outflow of a significant $21 million worth of SUI tokens, indicating potential accumulation.

In this ongoing price recovery, market sentiment remains positive, as investors and analysts see this as a bullish sign that could drive buying pressure and further upside momentum.

Traders Bullish Bet on Long Positions

Apart from the bullish participation of investors and long-term holders, intraday traders also seem to be following the same trend.

Data reveals that traders betting on the long side are over-leveraged at $3.123, having built $7.55 million worth of long positions at that level, as they believe the price won’t fall below it.

Conversely, $3.26 is another over-leveraged level, where traders betting on short positions have accumulated $5.20 million worth of short positions.

This on-chain data suggests that bulls, including traders and investors, are currently supporting the price action and could help the asset soar significantly in the coming days.

Chandan Gupta

Chandan Gupta is a crypto analyst and news writer at CoinPedia. He specializes in market analysis using on-chain metrics and industry insights to forecast market trends. With over four years of trading experience, Chandan simplifies complex concepts in technical and on-chain analysis, making them easy to understand. At CoinPedia, he leverages his expertise to identify and present emerging opportunities in the cryptocurrency space

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