SUI, the native token of the Sui network, has been gaining significant traction in the cryptocurrency market, outperforming major assets like Bitcoin and Ethereum. With an impressive performance and a bullish price action pattern, SUI is poised for further growth in the near future.
Technical analysis of SUI indicates that the token has formed a bullish flag and pole pattern on the daily time frame, suggesting a potential breakout. If SUI manages to breach the $3.5 level and close a daily candle above it, there is a strong possibility of a 60% surge, reaching up to $5.70 in the coming days. The RSI for SUI currently stands at 58.60, indicating room for further upside potential.
On-chain metrics from Binance show a strong bullish sentiment among traders, with 68.20% of the top SUI traders holding long positions. This data suggests that traders are anticipating a price rally, which could attract more investors and traders to join the market.
The major liquidation levels for SUI are at $3.326 on the lower side and $3.538 on the upper side, with traders being over-leveraged at these levels. If the price reaches $3.538, approximately $22.18 million worth of short positions could be liquidated. Conversely, a drop to $3.326 could lead to the liquidation of around $10.50 million worth of long positions.
Currently, SUI is trading near $3.41, experiencing a slight decline in price and trading volume. This dip in trading volume suggests that traders and investors may be waiting for a breakout before further participation in the market.
Overall, SUI’s technical analysis, on-chain metrics, and liquidation levels point towards a bullish outlook for the token. With the potential for a breakout and strong trader sentiment, SUI could see significant growth in the near future.
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