During the current market recovery phase, Sui [SUI] stands out as a promising asset that could potentially experience a substantial uptrend.
This analysis is supported by the optimistic price movement and overall market sentiment that SUI has displayed amidst recent price declines, demonstrating remarkable stability.
As of the latest update, SUI has seen a notable price surge of more than 6.50% in the last 24 hours, positioning itself close to the $3.30 mark.
Despite this significant increase in price and the positive price action, trader and investor engagement has maintained a neutral stance, leading to a modest 5% rise in trading volume.
SUI’s Price Movement and Future Prospect
An analysis by CryptoCrypto indicates that SUI is forming a bullish double-bottom pattern and displaying a bullish divergence on the daily chart, typically signaling a potential buying opportunity according to traders and investors.
During the recent price correction, SUI revisited the critical support level at $3 along with the 200 Exponential Moving Average (EMA) for the second time, forming a bullish engulfing candlestick pattern that further enhances its bullish outlook.
Based on past price trends, if SUI maintains support above $3, there is a possibility of a 24% surge towards the $4.05 level.
Diverging Views among Traders and Investors
Despite the positive price movement and ongoing market recovery, reports from the on-chain analytics firm Coinglass suggest that long-term holders have been offloading SUI tokens onto exchanges.
Exchanges have recorded an influx of $6 million worth of SUI tokens in the last 48 hours, indicating a potential sell-off by long-term holders.
Long Bets Valued at $25.50 Million by Traders
Meanwhile, traders are capitalizing on the prevailing market sentiment by placing bullish bets on SUI.
Current data on liquidations reveals that traders with long positions currently dominate the market, whereas short positions seem to be waning.
As of now, the $3.11 mark is considered over-leveraged, with bulls holding $25.50 million in long positions. Additionally, at $3.389, traders have accumulated $6.37 million in short positions, also seen as over-leveraged levels.
However, any shift in market sentiment leading to price fluctuations might trigger liquidations at these levels.
Considering these various factors in conjunction with SUI’s recent price movements, it seems that bulls are currently driving the market and could potentially experience a significant uptrend in the near future.