Key Insights:
- SUI coin has been struggling near a key resistance level of $3.65 for the past week.
- This ongoing price consolidation in SUI coin comes after a massive price surge that the asset recorded following the breakout.
- Exchanges have witnessed a substantial $40M worth of SUI outflow over the past three days.
After a notable 75% rally, the SUI coin continues to hover in a consolidation zone and is now poised for a breakout.
This ongoing consolidation is attracting significant attention from traders and investors due to its potential for an upside move.
Some view this phase as a sign of accumulation, while others believe it may be a precursor to selling pressure.
Traders & Investors Eyes on SUI Coin
On-chain analytics firm CoinGlass reveals that investors and traders appear to be strongly betting on the bullish side, indicating signs of upside potential.
Data from spot inflow/outflow reveals that exchanges continue to witness notable outflows. Over the past three days, a significant $40 Million worth of SUI coins has flowed out of exchanges, indicating potential accumulation and possible buying pressure that could lead to an upside rally.
Spot inflow/outflow is an on-chain metric used to track assets moving in and out of exchanges to or from wallets.
When assets move out of exchanges to wallets, it is considered an outflow; conversely, when assets move from wallets to exchanges, it is classified as an inflow.
Strong Buying Pressure in SUI
Meanwhile, another on-chain metric reveals that SUI’s OI-weighted funding rate stands at 0.0063%, indicating strong buying pressure from traders.
It also shows that traders appear willing to pay a premium to maintain their long positions.
As of now, the Binance SUI USDT Long/Short ratio stands at 1.33, indicating strong bullish sentiment among traders.
This metric further reveals that 57% of SUI traders on Binance are opting for long positions, while 43% are holding short positions.
SUI Coin Price Momentum
Backed by strong bullish on-chain metrics, SUI was trading near $3.70 at press time, having recorded a 4.75% price surge over the past 24 hours.
During the same period, its trading volume jumped by 45%, indicating heightened participation from traders and investors compared to the previous day.
This increase in volume, alongside the price surge, signals strong bullish conviction among participants.
According to expert technical analysis, SUI coin has been consolidating in a tight range between $3.28 and $3.85 over the past week.
Meanwhile, with the recent price surge, SUI coin has now reached the breakout area and is poised to continue its upward momentum in the coming days.
Upon examining the SUI daily chart, it appears that whenever SUI breaks out of consolidation, it produces a strong upside rally. This time, experts are likely expecting similar upward momentum.
SUI Coin Price Prediction
Based on recent price action and historical patterns, if the SUI coin breaches and closes a daily candle above the $3.85 mark, it could propel the coin by 38% until it reaches the $5.45 level in the coming days.
This bullish thesis will hold only if the SUI coin closes above the $3.85 level; otherwise, it may fail.
When combining this bullish price action with on-chain metrics, it appears that the bulls are dominating the asset and could support the SUI coin in closing its daily candle above the $3.85 mark.