The SUI token, the native digital asset of the Sui network, is gaining attention in the ever-changing world of cryptocurrencies by outperforming major players such as Bitcoin [BTC], Ethereum [ETH], and other significant financial instruments.
Alongside its remarkable performance, this alternative coin is primed to sustain its upward momentum as it has established a bullish price pattern.
Analysis of SUI’s Technical Aspects and Important Levels
Experts in technical analysis note that SUI has developed a bullish flag and pole price pattern on the daily timeframe and is on the brink of breaking out from this setup.
Considering recent movements and past trends, a breach and daily closure above the $3.5 mark could potentially lead SUI to spike by 60%, reaching as high as $5.70 in the days ahead.
Inspecting the daily chart for SUI, it seems that the price has undergone sufficient corrections to sustain its upward trajectory.
From a positive perspective, SUI’s Relative Strength Index (RSI) stands at 58.60, hinting that the token may have room to surge further since it is still below the overbought threshold.
Favorable On-Chain Data Metrics
The strong bullish price movement has attracted significant trader interest on Binance, as outlined by on-chain analytics provider Coinglass.
As per the data, the Binance SUIUSDT Long/Short ratio currently sits at 2.14, signaling heightened bullish sentiment among traders. Presently, 68.20% of prominent SUI traders are in long positions, whereas 31.80% hold short positions.
This data sourced from an on-chain analytics provider indicates that traders anticipate a price surge, which could potentially draw in more investors and traders in the near future.
Key Liquidation Thresholds
At present, the primary liquidation points are at $3.326 on the lower end and $3.538 on the upper end, with traders exhibiting excessive leverage at these levels, according to Coinglass’s SUI liquidation map data.
If market sentiment remains constant and the price climbs to $3.538, close to $22.18 million worth of short positions might face liquidation.
In contrast, if sentiment shifts and the price drops to $3.326, roughly $10.50 million worth of long positions could be liquidated.
SUI was last seen trading around $3.41, undergoing a decrease of just over 3.5% within the past 24 hours. Concurrently, its trading volume has dwindled by 35%, indicating reduced engagement from traders.
This suggests that traders and investors might be awaiting a breakout before making further trading decisions.