- $39.98M worth of SUI flowed into exchanges, raising concerns of a potential sell-off by long-term holders.
- Traders are over-leveraged between $3.71–$4.15, signaling high risk and conviction on both sides of the market.
Sui [SUI] gained significant attention from traders and investors after a 10% rally over the past 24 hours.
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.
$40 million worth of SUI inflow, selloff signal?
According to CoinGlass, exchanges recorded $39.98 million worth of SUI Inflows within 24 hours, during the height of the rally.
Source: CoinGlass
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.
In addition to the participation of long-term holders, traders are also heavily betting on the bullish side.
Traders targeted a lower bound at $3.7111 and an upper bound at $4.15.
At these levels, traders appear to be significantly over-leveraged, with $80 million worth of long positions and $30 million worth of short positions built up.
Based on traders’ activity, it appears that the bulls are currently in control and believe that the SUI coin price will not fall below the $3.71 level.
Source: CoinGlass
SUI price action and technical analysis
According to AMBCrypto’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.
Source: TradingView
If the price holds this level, it could rally 40% toward $5.65.
This setup remains valid as long as SUI stays above $3.80. Any breakdown could invalidate the breakout structure.
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.