Potential Resistance at $3.70 for SUI Rally; 35% Increase Potential Under Specific Conditions
Unleash the SUI Roar: Is the Bull Run About to Begin?
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Vivaan Acharya & Farah Mirza
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On-chain data ignites a spark of anticipation as $40 million worth of SUI flowed out of exchanges, signaling potential accumulation, and adding fuel to the fire of speculation.
The altcoin Sui [SUI] has been captureing the attention of traders and investors alike, leaving them divided on whether the next move will be a bullish breakout or a bearish breakdown.
Bullish on-chain signals
Data from Coinglass, like a lighthouse guiding sailors through turbulent seas, reveals disparate opinions among SUI enthusiasts.
In fact, exchanges worldwide have been witness to a massive outflow of $40 million worth of SUI coins over the past three days. Such monumental outflows usually signal accumulation as astute traders transfer their holdings to wallets, thereby reducing exchange supply and potential sell pressure.
Of course, during downturns, this behavior can serve as a safety net, cushioning the downside by limiting abrupt price drops.
While the SUI Open Interest-weighted Funding Rate remains at a robust +0.0066%, reflecting strong buying pressure from traders, CoinGlass corroborates the bullish sentiment with a Binance SUIUSDT Long/Short ratio of 1.33, further indicating a heavy uptick in bullish sentiment among traders.
Furthermore, 57% of top SUI traders on Binance hold long positions, while 43% are hanging onto their short positions.
The price of SUI traded near $3.55 at press time, securing a 0.75% gain over the last 24 hours, and displaying renewed interest among traders, as the trading volume has experienced a boost of 15% during the same period, indicating stronger market participation.
SUI price action and technical analysis
According to seasoned technical analysis, SUI appears poised between a swan dive and a giant step forward, with its future hinging on market sentiment.
It's been a week since SUI has been consolidating in a tight range between $3.27 and $3.83 on the daily chart, taking a breather after a passionate 75% rally that was set off by an escape from a descending trendline.
As we stand on the precipice of SUI's next move, keep a watchful eye on the daily timeframe. If SUI closes above $3.90, it could send a clear signal of the breakout, potentially propelling it to $5.50 – a 35% surge.
If, however, it fails to surmount the resistance, it may spell doom for this bullish thesis, leading to a potential reversal.
Take a Survey: Win $500 USDT!#### XRP's Failed $5 Billion Bid for Circle: Understanding the Impact on XRP's Future
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Explore the far-reaching implications of Ripple's failed $5 billion bid for Circle, and discover the effects it may have on XRP's future.
- The outflow of $40 million worth of SUI from exchanges has sparked anticipation, as it suggests potential accumulation and may signal a bullish breakout.
- The altcoin Sui [SUI] has created a divide among traders and investors, with opinions split on whether a bullish or bearish move is imminent.
- On-chain data reveals a strong buying pressure from traders, with the Binance SUIUSDT Long/Short ratio at 1.33, indicating a significant uptick in bullish sentiment.
- In a bullish scenario, if SUI closes above $3.90, it could lead to a potential 35% surge, with the price shooting up to $5.50.
- However, if SUI fails to surmount the resistance, it may lead to a reversal, casting doubt on the bullish thesis for SUI.
- The consequence of this price action could significantly impact finance and investing in the crypto market, particularly with technology like SUI.
- Aside from SUI, the failed $5 billion bid for Circle by Ripple has far-reaching implications for XRP's future, with its effect on the cryptocurrency yet to be fully understood.
