SUI, the native token of the Sui blockchain, is gaining significant attention from traders and investors following its recent rally and bullish breakout. Market sentiment across the crypto space appears optimistic, with major assets like Bitcoin (BTC) and Ethereum (ETH) influencing the broader market with their strong performance.
Current Market Sentiment & SUI Price Momentum
SUI is currently trading near $4 and has recorded a price surge of over 10% in the past 24 hours. This strong shift in market sentiment has attracted increased participation from traders and investors, resulting in an 80% surge in trading volume during the same period.
SUI price action and technical analysis
According to Crypto Time Now’s technical analysis, SUI appears bullish and is poised to continue its upward momentum.
The four-hour chart reveals that SUI has broken out of a prolonged consolidation phase that had formed near the key resistance level of $3.80. Following the breakout, the asset successfully retested this level and continued its upward movement.
SUI Price Prediction
Based on both the four-hour and daily charts, if the SUI coin price maintains itself above the $3.80 level, there is a strong possibility that the asset could continue its upward momentum and potentially soar 40% toward its next resistance level at $5.65.
Meanwhile, this bullish thesis will hold only if the SUI coin maintains a price above the $3.80 level, otherwise, it may fail.
With the notable surge in the asset price, SUI’s Relative Strength Index (RSI) reached the 75 level, indicating it is in the overbought territory. This suggests a potential price correction until the RSI value drops below 70.
$40 million worth of SUI inflow, Selloff signal?
With the shift in market sentiment and strong upside momentum, some investors and long-term holders seized the opportunity to sell off their holdings, as reported by the on-chain analytics firm Coinglass. Data shows that exchanges across the industry have recorded an inflow of approximately $39.98 million worth of SUI tokens over the past 24 hours.
Such an inflow of assets during an upside rally potentially indicates selling pressure from long-term holders. As the sentiment has turned bullish, there is a strong possibility that the SUI coin may not experience downside momentum.
