- 68.20% of the top SUI traders hold long positions, while 31.80% hold short positions.
- Traders are over-leveraged: $3,326 at the low end and $3,538 at the high end.
SUI, the native token of the Sui Network, is making waves in the rapidly evolving cryptocurrency landscape by outperforming major cryptocurrencies like Bitcoin [BTC]Ethereum [ETH]and other important financial assets.
In addition to an impressive performance, the altcoin is poised to continue this rally as it has formed a bullish price action pattern.
SUI technical analysis and key levels
According to expert technical analysis, SUI has formed a bullish flag and pole price action pattern on the daily time frame and is about to break this formation.
Source: TradingVIew
Based on the recent price action and historical momentum, if SUI breaks a daily candle above the $3.5 level and closes, there is a strong possibility that the price could rise 60% and reach the $5.70 level in the coming days will achieve.
Based on the SUI daily chart, it seems that the price has already corrected enough to continue the rally.
On the upside, SUI’s Relative Strength Index (RSI) stands at 58.60, indicating that the token has the potential to rise as it remains below the overbought zone.
Bullish statistics in the chain
With strong bullish price action, traders on Binance are heavily participating in the token, as reported by an on-chain analytics firm Mint glass.
According to the data, the Binance SUIUSDT Long/Short ratio currently stands at 2.14, indicating strong bullish sentiment among traders. Currently, 68.20% of top SUI traders have long positions, while 31.80% have short positions.
Source: Coinglass
This data from an on-chain analytics firm indicates that traders expect prices to rise, which has the potential to attract more investors and traders in the coming days.
High level of liquidation
Currently, the key liquidation levels are at $3,326 on the downside and $3,538 on the upside, with traders at these levels being over-leveraged, according to Coinglass’ SUI liquidation chart data.
If market sentiment remains unchanged and the price rises to $3,538, short positions worth nearly $22.18 million could be liquidated.
Conversely, if sentiment changes and the price falls to $3.326, long positions worth approximately $10.50 million could be liquidated.
Read Sui’s [SUI] Price forecast 2024–2025
SUI was trading around $3.41 and has experienced a price drop of over 3.5% in the past 24 hours. During the same period, trading volume fell by 35%, indicating reduced trader participation.
This suggests that traders and investors may be waiting for a breakout before deciding to participate further.