SUI, the native token of the Sui Network, has made waves in the rapidly growing cryptocurrency space by outperforming major cryptocurrencies such as Bitcoin [BTC], Ethereum [ETH], and other major financial assets.
Apart from the 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 the experts’ technical analysis, SUI has formed a bullish flag and pole price action pattern on the daily timeframe and is about to break out of the pattern.
Based on recent price trends and historical momentum, if SUI breaks and closes above $3.5 on the daily chart, it is very likely to soar 60% in the coming days, reaching a level of $5.70.
According to the SUI daily chart, the price seems to have been sufficiently corrected and could continue to rise.
On the positive side, SUI's Relative Strength Index (RSI) is 58.60, indicating that the token has rebound potential as it remains below the overbought zone.
Bullish On-Chain Indicators
According to on-chain analytics firm Coinglass, with a strong bullish price trend, Binance traders are actively engaged with the token.
Data shows that the Binance SUIUSDT long-short ratio is currently 2.14, indicating strong bullish sentiment among traders. Currently, 68.20% of top SUI traders hold long positions, while 31.80% hold short positions.
Data from on-chain analytics firms indicate that traders expect prices to rise, potentially attracting more investors and traders in the coming days.
Main Liquidation Levels
According to Coinglass's SUI liquidation map data, as of now, the main liquidation levels are below $3.326 and above $3.538, with traders over-leveraged at these levels.
If market sentiment remains unchanged and the price rises to $3,538, short positions worth nearly $22.18 million may be liquidated.
Conversely, if sentiment changes and the price falls to $3,326, long positions worth approximately $10.50 million may be liquidated.
SUI is trading close to $3.41, with a price drop of over 3.5% in the past 24 hours. During the same period, its trading volume decreased by 35%, indicating a decline in trader participation.
This suggests that traders and investors may be waiting for a breakout before deciding to engage further.
