SUI, the native token of the Sui Network, is gaining momentum in the cryptocurrency world with its impressive performance while major cryptocurrencies are facing challenges. Today, on December 3, 2024, SUI has experienced a significant surge of 14% in upside momentum, breaking out of a highly anticipated bullish price action pattern.
SUI Technical Analysis and Upcoming Level
According to CoinPedia’s technical analysis, SUI has broken out of a bullish head-and-shoulders price action pattern. This pattern is commonly used by traders and investors to establish long positions in the financial market.
Based on recent price movements and historical trends, following this breakout, there is a strong possibility that SUI could rally by 60% to reach the $5.5 mark in the near future. The asset is currently trading above the 200-day Exponential Moving Average (EMA) on the daily timeframe, indicating an uptrend. Additionally, the Relative Strength Index (RSI) for SUI suggests that there is still room for significant growth, with the RSI currently at 61, below the overbought zone.
$40 Million Outflows, A Bullish Signal?
With bullish technical indicators in place, on-chain analytics firm Coinglass has reported that whales and investors have shown significant interest and confidence in SUI. Data from SUI’s spot inflow/outflow indicates that exchanges have seen an outflow of over $40 million in the past five days.
In the realm of cryptocurrency, a substantial outflow like this suggests that whales or investors have been moving tokens from exchanges to their wallets. This is a positive signal for SUI holders and is likely to attract more investors and traders to the asset.
Current Price Momentum
At present, SUI is trading around $3.7 and has seen a price increase of over 14% in the last 24 hours. The trading volume for SUI has also surged by 70% during this period, indicating heightened participation from traders and investors amidst the bullish outlook for SUI.
With strong technical indicators and significant whale activity, SUI appears to be on track for further growth, potentially signaling the beginning of a substantial rally in the altcoin market.