- It appears that intraday traders have amassed a rather impressive sum of $25.5 million in long positions at the rather modest level of $3.11.
- Yet, in a curious twist of fate, our dear investors and long-term holders have taken to the rather unseemly act of dumping $6 million worth of SUI tokens. How scandalous! 😏
In the midst of this ongoing market recovery, Sui [SUI] finds itself in a most advantageous position, poised for a rally that could be described as significant, if not downright thrilling.
This speculation, dear reader, is founded upon a bullish price action and a market sentiment that SUI has so diligently cultivated during its recent price decline. Remarkably, it has maintained a certain stability throughout this tumultuous period.
As of this very moment, SUI has experienced a delightful price surge of over 6.50% in the past 24 hours, trading near the charming level of $3.30.
Despite this rather impressive price increase and the bullish price action, the participation of traders and investors remains, shall we say, rather neutral, resulting in a modest 5% increase in trading volume. How very peculiar! 🤔
SUI price action and upcoming level
According to the esteemed technical analysis of AMBCrypto, SUI is forming a bullish double-bottom pattern, accompanied by a bullish divergence on the daily time frame. Such occurrences are often regarded as a most auspicious buy signal.
During the recent price drop, SUI has retested the crucial support level of $3 and the 200 Exponential Moving Average (EMA) for the second time. It has even formed a bullish engulfing candlestick pattern, further solidifying its optimistic outlook. How delightful! 🎉
Based on the historical price momentum, should SUI manage to hold above the $3 level, it could very well soar by 24% to reach the lofty heights of $4.05. One can only hope! 🌟
Mixed sentiment among traders and investors
Despite this bullish price action and the ongoing market recovery, our long-term holders have taken to the rather alarming practice of dumping SUI tokens onto exchanges, as reported by the on-chain analytics firm Coinglass. How very ungracious!
Exchanges have witnessed an inflow of $6 million worth of SUI tokens in the past 48 hours, indicating a potential sell-off by our long-term holders. Such behavior is most unbecoming! 😒
Traders’ $25.50 million worth of long bets
Meanwhile, traders are seizing the opportunity presented by the current market sentiment, placing their bets on the bullish side with a fervor that is quite remarkable.
Current liquidation data, at this very moment, reveals that traders holding long positions are indeed dominating the asset, while those on the short side appear to be rather exhausted. How amusing!
At present, $3.11 stands as an over-leveraged level where bulls have placed a staggering $25.50 million worth of long positions. Additionally, $3.389 is another over-leveraged level where traders have held $6.37 million worth of short positions. Quite the spectacle! 🎭
However, should market sentiment shift and the price move in either direction, these levels may very well be liquidated. Such is the nature of this capricious market!
Considering all these metrics alongside SUI’s price action, it appears that the bulls are currently in control and may soon witness a momentum that is nothing short of massive. How thrilling! 🐂
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2025-02-20 16:15