Sui (SUI) has rebounded sharply after recent losses, creating an ideal risk-to-reward scenario for intraday traders. The bullish price action has attracted significant interest, particularly from Binance users, who have increasingly taken long positions in the past 24 hours.
Binance Traders Show Strong Bullish Sentiment
According to Coinglass, Binance’s SUIUSDT Long/Short Ratio stood at 2.51, indicating a strong bullish stance among traders. This means that for every short position, there are 2.51 long positions. Notably, 75% of top Binance traders are going long on SUI, while only 25% are betting against it.
On a broader scale, traders across multiple exchanges have also leaned bullish, with 58% long positions versus 42% short positions. This suggests that optimism around SUI is not limited to Binance but is reflected across global markets.
$43.50 Million Worth of SUI Leaves Exchanges
Adding to the bullish momentum, on-chain data reveals that investors and long-term holders are accumulating SUI. Coinglass data shows that $43.50 million worth of SUI tokens have flowed out of exchanges. Such significant outflows during a market recovery often indicate whale accumulation, which could lead to increased buying pressure and further price appreciation.
Technical Analysis: SUI Eyes a 47% Surge
Technical indicators further support the bullish outlook. At press time, SUI was trading at $3.45, after surging over 9.50% in the last 24 hours. AMBCrypto’s analysis highlights that SUI is holding strong at a crucial support level of $3.30, a price point that has historically triggered notable reversals.
With a perfect 1:5 risk-to-reward ratio in play, analysts predict that if SUI maintains its position above $3.00, it could rally by 47%, reaching the $5 mark in the near future.
However, traders should take note of a 28% drop in trading volume over the same period, which could indicate lower participation compared to the previous day. If volume picks up alongside price movement, it could further validate the bullish case for SUI.
Also Read: BONK Price Surges 7.37% as OKX Traders Turn Bullish, But Bearish Signals Linger
With strong market sentiment, increased accumulation, and bullish technical signals, SUI appears poised for a potential breakout. Traders and investors will be closely watching its next moves, as a sustained push above $3.30 could set the stage for a significant rally.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
