SUI, the native token of Sui Network, is making waves in the crypto landscape with its impressive performance while major cryptocurrencies seem to be struggling. Today, December 3, 2024, SUI surged with an impressive 14% bullish momentum, breaking out of one of the most anticipated bullish price action patterns.
SUI technical analysis and next 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, after the breakout, there is a high possibility that the asset could surge 60% and reach the $5.5 mark in the coming days.
On the upside, the asset is trading above the 200-day Exponential Moving Average (EMA) on the daily timeframe, indicating a bullish trend. Meanwhile, its Relative Strength Index (RSI) suggests that the asset still has room to move significantly higher in the coming days. Currently, SUI’s RSI is at 61, which is below the overbought zone.
$40 million outflows, a bullish sign?
With strong bullish technical indicators, whales and investors appear to have shown significant interest and confidence in the altcoin, as reported by 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 crypto, this notable outflow suggests that whales or investors have moved tokens from exchanges to their wallets. Furthermore, this is a positive sign for SUI holders and is likely to attract more investors and traders.
Current price moment
SUI is currently trading near $3.7 and has seen a price gain of over 14% in the last 24 hours. During the same period, its trading volume has increased 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 beginning of a significant bull run in the altcoin market.🤑✨🤑
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