Following a significant downturn in recent days, Sui [SUI] has established an optimal risk-to-reward ratio for day traders, garnering considerable interest from users on the Binance platform over the last 24 hours.
This favorable risk-to-reward scenario is influenced by positive price movements that have changed the overall market sentiment towards SUI.
Majority of Binance Traders Opt for Long Positions
As indicated by Coinglass, the SUIUSDT Long/Short Ratio on Binance stood at 2.51, revealing that there are 2.51 long positions for every short position held.
In the realm of cryptocurrency trading, such a Long/Short Ratio typically signals a strong bullish sentiment among traders.
Data also shows that 75% of the leading traders on Binance have taken long positions, with the remaining 25% maintaining short positions.
Furthermore, across global exchanges, traders are inclined towards long positions at 58%, while short positions account for 42%, indicating an overall bullish sentiment towards SUI.
Outflow of $43.50 Million in SUI Tokens
Coinglass data suggests that besides active trading, large investors and holders with a long-term outlook have demonstrated significant interest in SUI.
Information from Spot Inflow/Outflow reveals a substantial outflow of $43.50 million in SUI tokens from exchanges.
Such outflows amidst market recovery are often interpreted as a sign of potential accumulation by whales and long-term holders, potentially leading to increased buying pressure and upward momentum.
Conjunction of these on-chain metrics suggests a prevailing bullish trend, which could bolster SUI’s growth over time.
SUI Technical Analysis and Future Projection
According to technical analysis by CryptoCrypto, SUI is currently hovering around a critical support level of $3.30, known for notable price reversals.
The positive price movements have resulted in an attractive 1:5 risk-to-reward ratio for traders.
Considering recent price trends and historical performance, if SUI maintains above the $3 mark, there is a strong likelihood of a 47% surge towards $5 in the near future.
At the time of writing, SUI was priced near $3.45, recording a notable 9.50% increase in the past 24 hours.
However, trading volume contracted by 28% during the same period, indicating reduced engagement from traders and investors compared to the previous day.