Following a steep decrease in recent days, Sui [SUI] has established an ideal risk-to-reward ratio for intraday traders, garnering significant attention from users on Binance over the past 24 hours.
This favorable risk-to-reward setup is driven by bullish price movements that have altered the market sentiment towards SUI.
75% of Binance Traders Opt for Long Positions
As per Coinglass data, Binance’s SUIUSDT Long/Short Ratio stood at 2.51, signifying that there are 2.51 long positions for every short position.
Within the cryptocurrency realm, such a Long/Short Ratio is viewed as a strong indicator of bullish sentiment among traders.
Data also indicates that 75% of leading traders on Binance are taking long positions, while 25% are holding short positions.
Across worldwide exchanges, 58% of positions are long, and 42% are short, indicating an overall bullish sentiment towards SUI.
$43.50 Million SUI Outflow Recorded
According to Coinglass, aside from bullish trading activities, investors and long-term holders have displayed significant interest in the asset.
Spot Inflow/Outflow data reveals that exchanges have experienced a substantial outflow of SUI tokens worth $43.50 million.
This outflow during the market recovery phase is seen as a signal of potential accumulation by large investors and long-term holders, which could lead to buying pressure and further upward momentum.
Considering these on-chain metrics collectively, it suggests that bullish forces are prevailing for the asset and may bolster its growth over the long term.
SUI Technical Analysis and Future Price Levels
Based on CryptoCrypto’s technical analysis, SUI is currently hovering around a critical support level of $3.30, known for significant price reversals in the past.
The positive price movements have established an attractive 1:5 risk-to-reward ratio.
Given recent price actions and historical trends, if SUI maintains levels above $3, there is a strong likelihood of a 47% surge towards $5 in the days ahead.
At present, SUI is trading near $3.45, having surged by over 9.50% in the past 24 hours.
However, trading volume has declined by 28% during the same period, indicating reduced engagement from traders and investors compared to the previous day.