SUI eyes 24% rally as bullish price action gains strength

• Intraday traders have built $25.5 million worth of long positions at the $3.11 level.
• Despite a bullish outlook, investors and long-term holders found dumping $6 million worth of SUI tokens.

In the ongoing market recovery, Sui [SUI] is one of the assets poised for a significant upside rally.

This speculation is based on bullish price action and market sentiment that SUI built during the price drop. It remained stable throughout the market decline.

At the time of writing, SUI experienced a price surge of over 6.50% in the past 24 hours and was trading near the $3.30 level.

Despite this impressive price increase and bullish price action, trader and investor participation remained neutral, resulting in a 5% jump in trading volume.

SUI price action and upcoming level

AMBCrypto’s technical analysis suggests SUI is forming a bullish double-bottom pattern and showing a bullish divergence on the daily time frame. Investors and traders often see this as a buy signal.

During the recent price drop, SUI retested the crucial support level of $3 and the 200 Exponential Moving Average (EMA) for the second time. It formed a bullish engulfing candlestick pattern, further strengthening its bullish outlook.

Based on historical price momentum, if SUI holds above the $3 level, it could soar by 24% to reach $4.05.

Source: TradingView

Mixed sentiment among traders and investors 

Despite this bullish price action and ongoing market recovery, long-term holders have been dumping SUI tokens onto exchanges, as reported by the on-chain analytics firm Coinglass.

Exchanges have witnessed an inflow of $6 million worth of SUI tokens in the past 48 hours. This indicates a potential sell-off by long-term holders.

Source: Coinglass

Traders’ $25.50 million worth of long bets

Meanwhile, traders are taking advantage of the current market sentiment, betting on the bullish side.

Current liquidation data, at press time, showed that traders holding long positions are currently dominating the asset, while short-side bets appear to be exhausting.

At press time, $3.11 is an over-leveraged level where bulls have placed $25.50 million worth of long positions. Additionally, $3.389 is another over-leveraged level where traders have held $6.37 million worth of short positions.

However, if market sentiment shifts and the price moves in either direction, these levels will be liquidated.

Source: Coinglass

Considering all these metrics alongside SUI’s price action, it appears that bulls are currently in control and could soon witness massive upside momentum.