SUI’s Bullish Divergence Points to a 30% Rally.
During the recent price drop, only a few cryptocurrencies have managed to resist a massive decline, and SUI, the native token of the Sui blockchain, is one of them. The asset’s daily chart shows that SUI has remained above the crucial support level of $3 and the 200 Exponential Moving Average (EMA).
Based on recent price action, if SUI holds its support level, it could soar by 30% to reach the $4.15 level in the near future. In addition to this prediction, the bullish thesis will remain valid only if SUI’s price stays above the $2.97 level, otherwise, it may fail.
SUI is currently trading near $3.18 and has experienced a price surge of over 7.50% in the past 24 hours. However, during the same period, bullish price action has driven increased participation from traders and investors, resulting in a 15% jump in trading volume.
During this surge in participation, investors and long-term holders have been significantly accumulating the asset, as reported by the on-chain analytics firm Coinglass.
Data from spot inflows and outflows revealed that exchanges have witnessed an outflow of a significant $21 million worth of SUI tokens, indicating potential accumulation.
Source: COINPEDIA
