SUI Set for 60% Rally After $40 Million Exchange Outflows
Chandan Gupta3 Dec 20242 min read
SUI, the native token of the Sui Network, is making waves in the cryptocurrency landscape with its impressive performance while major cryptocurrencies appear to be struggling. Today, December 3, 2024, SUI has surged with an impressive 14% upside momentum, breaking out of one of the most highly anticipated bullish price action patterns.
SUI Technical Analysis and Upcoming Level
According to CoinPedia’s technical analysis, SUI has broken out of a bullish head-and-shoulders price action pattern. In the financial market, traders and investors often use this pattern to build long positions.
Based on recent price action and historical momentum, following the breakout, there is a strong possibility that the asset could rally by 60% to reach the $5.5 mark in the coming days.
On the positive side, the asset is trading above the 200-day Exponential Moving Average (EMA) on the daily timeframe, indicating an uptrend. Meanwhile, its Relative Strength Index (RSI) suggests that the asset still has room to rise significantly in the coming days. Currently, SUI’s RSI stands at 61, which is below the overbought zone.
$40 Million Outflows, A Bullish Signal?
With strong bullish technical indicators, whales and investors appear to have shown significant interest and confidence in the altcoin, as reported by the on-chain analytics firm Coinglass. According to SUI’s spot inflow/outflow data, exchanges have witnessed an outflow of over $40 million in the past five days.
In the context of cryptocurrency, this notable outflow suggests that whales or investors have moved tokens from exchanges to their wallets. Additionally, this is a positive sign for SUI holders and is likely to attract more investors and traders.
Current Price Momentum
Currently, SUI is trading near $3.7 and has registered a price gain of over 14% in the past 24 hours. During the same period, its trading volume surged by 70%, indicating increased participation from traders and investors amid SUI’s bullish outlook.
With bullish technical indicators and strong whale activity, SUI is poised for further growth, potentially marking the start of a significant rally in the altcoin market.
