Intraday Trading Overview

• Intraday traders have built $25.5 million worth of long positions at the $3.11 level.
• Despite a bullish outlook, investors and long-term holders found dumping $6 million worth of SUI tokens.

In the ongoing market recovery, Sui (SUI) is an asset poised for a significant upside rally. This speculation is informed by bullish price action and market sentiment developed during the price drop, as SUI remained stable throughout the decline.

At the time of writing, SUI experienced a price surge of over 6.50% in the past 24 hours, trading near the $3.30 level. Despite this impressive increase and bullish momentum, trader and investor participation has stayed neutral, resulting in a 5% jump in trading volume.

SUI Price Action and Upcoming Level

AMBCrypto’s technical analysis indicates that SUI is forming a bullish double-bottom pattern and showing bullish divergence on the daily time frame, often signaled as a buy opportunity by investors and traders.

During a recent price drop, SUI retested the crucial support level of $3 and the 200 Exponential Moving Average (EMA) for the second time. The formation of a bullish engulfing candlestick pattern further strengthens its bullish outlook. Based on historical momentum, if SUI maintains above the $3 level, it could potentially surge by 24%, reaching $4.05.

Mixed Sentiment Among Traders and Investors

Despite bullish price action and an ongoing market recovery, long-term holders have been offloading SUI tokens onto exchanges, as revealed by on-chain analytics firm Coinglass. In the last 48 hours, exchanges have seen a $6 million inflow of SUI tokens, indicating a potential sell-off by long-term holders.

Traders’ $25.50 Million Worth of Long Bets

Conversely, traders are capitalizing on the current market sentiment, taking bullish positions. Current liquidation data shows that traders in long positions dominate the asset, while short positions appear to be waning.

Currently, at the $3.11 level, bulls have placed $25.50 million in long positions, while another over-leveraged level, $3.389, has $6.37 million in short positions. However, if market sentiment shifts, these levels could face liquidation.

Considering these metrics and SUI’s price action, it seems that bulls are currently in control and could soon experience significant upward momentum.