Within the last 24 hours, SUI saw a 4.89% decrease, indicating potential short-term downside risk. Despite this, its monthly increase of 24.75% underscores a larger bullish trajectory.
Utilizing technical signals and blockchain data, SUI might break out from its current trading range and strive towards a higher price level, potentially aiming for $4.96 in the immediate future.
Symmetrical Channel Formation for SUI Trading
Observed on the 4-hour chart, SUI seems to have initiated an accumulation phase, shaping a symmetrical pattern. This formation suggests that buyers are active at lower price points, potentially propelling the market upwards.
This period is defined by two converging trendlines: one acting as resistance and the other as support. To initiate an upward movement, SUI may need to correct downwards to establish strong support at two critical levels.
The first scenario involves SUI testing the lower trendline for support. Alternatively, it could dip further to historical support near 3.926, paving the way for a push towards the $4.96 mark. Beyond that, a sustained uptrend is probable.
The ongoing bullish momentum is backed by a persisting negative net outflow, as per data from Coinglass’s Exchange Netflow metric. Negative outflows, where more assets exit exchanges than enter, typically benefit prices.
Approximately $26 million worth of SUI has been withdrawn from exchanges, with a recent outflow of $7.11 million over the past 24 hours.
Despite a generally bullish market environment for the altcoin, additional factors identified by CryptoCrypto suggest a potential short-term bearish influence on prices.
Decline in Open Interest (OI)
SUI’s Open Interest (OI) has decreased by 5.68% within the past 24 hours, reaching $677.82 million.
A drop in OI often signals reduced involvement from market participants, as the volume of unresolved derivative contracts diminishes.
This trend is accentuated by a significant decline in trading volume, down by 48.84% during the same period to $1.15 billion.
Diminished trading activity and selling pressure point towards a potential further decline in SUI’s price, potentially testing support levels around $3.96 based on current chart trends.
SUI Overtakes SHIB in Market Cap
By market capitalization, SUI has surpassed SHIB in value. At present, SUI’s market cap stands at $12.54 billion, exceeding SHIB’s $12.45 billion.
With an expected surge in SUI’s value, the gap between the two assets is likely to widen, potentially elevating SUI’s market cap even further.