- Recent on-chain data indicates that $40 million worth of SUI has been moved out of exchanges, suggesting potential accumulation.
- The Open Interest-weighted Funding Rate for SUI is at +0.0066%, signaling strong buying pressure from traders.
After a significant 75% increase, SUI is currently consolidating near the key resistance level of $3.70.
Traders and investors are closely watching the ongoing price correction on the daily chart, with expectations of either a breakout or a breakdown.
Positive on-chain indicators
Data from Coinglass suggests a divergence in opinions among traders and investors regarding the altcoin.
Exchanges globally have witnessed a significant outflow of $40 million worth of SUI coins in the last three days, indicating a potential accumulation phase as supply on exchanges decreases.
This outflow can help mitigate downside risks during market downturns by reducing sudden sell-offs.
Source: Coinglass
Additionally, SUI’s OI-Weighted Funding Rate is at +0.0066%, confirming the bullish sentiment among long-position holders.
Source: CoinGlass
Market data also reveals that the Binance SUIUSDT Long/Short ratio is at 1.33, indicating a bullish sentiment among traders, supported by the positive Funding Rate.
Furthermore, 57% of top SUI traders on Binance have long positions, while 43% hold short positions.
At the time of writing, SUI is trading near $3.55, with a 0.75% increase in the last 24 hours. Trading volume has also risen by 15%, indicating growing interest and market activity.
SUI price analysis and technical outlook
According to technical analysts, SUI is currently at a critical juncture, with potential for a significant rally or a decline depending on market sentiment.
On the daily chart, SUI’s price has been consolidating within a narrow range of $3.27 to $3.83 over the past week.
Source: TradingView
This consolidation phase follows a 75% rally triggered by a breakout from a descending trendline, placing SUI at a crucial decision point.
If SUI manages to close above $3.90 on the daily chart, it could confirm the breakout and target $5.50, representing a potential 35% increase.
However, a failure to breach the resistance level could negate the bullish scenario and lead to a reversal.
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