SUI Flooded With $40M: Is a Dump Incoming?

Main Takeaways:-

Around $39.98M worth of SUI transferred to exchanges, indicating a potential shift in sentiment among long-term holders.

Traders are excessively leveraged between $3.71 and $4.15, indicating strong sentiment and elevated risk from both bulls and bears.

$40M in SUI Hits Exchanges — Time to Worry?

Exchanges noted a $39.98 million value of SUI Inflows in the last 24 hours, at the peak of the surge, according to the reports of CoinGlass.

A large amount of assets coming in during a market rise could mean that long-term holders are starting to sell. As the investor outlook has shifted to optimism, there is a high chance that the SUI coin may not face a downward trend.

Additionally, the engagement of long-term holders and traders is also placing significant bets on the upside. Traders aimed for a support level at $3.7111 and a resistance level at $4.15.

At these levels, trades seem to carry excessive leverage, with a $80 million value of long positions and a $30 million value of short positions accumulated. According to traders’ activity, it seems that the buyers are presently in control and trust that the SUI coin price will not drop below the $3.71 zone.

Technical Analysis of SUI: Unpacking Price Action and Trends

SUI indicates positive momentum and is ready to extend its upward trend, according to AMBCrypto’s technical analysis.

The four-hour pattern shows that SUI has escaped from a prolonged period of consolidation that had created near the key resistance zone of $3.80. After the breakout, the asset tested this level again and kept moving up.

If the price holds this level, it could increase 40% to $5.65. This pattern is still confirmed as long as SUI remains above $3.80. Any drop below could cancel out the breakout pattern.

With the big jump in the asset price, SUI’s Relative Strength Index (RSI) hit 75, showing it’s overbought. This could mean a price drop until the RSI falls below 70.

Read also:- Trump Tokens Freeze Up After Exchange Transfer

Disclaimer: We at Bitcoinik.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice, and viewers should consult their financial advisors before investing.