SUI Exchange Outflows Spike, Keeping $3 Level Steady

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Over the past three days, the amount of SUI being sent off from exchanges has risen, indicating a potential reversal in the altcoin’s recent downtrend. Currently, the value of one SUI stands at $3.23.

As an analyst, I’ve noticed that the current price has dropped by 17% from its all-time high, which it reached on November 17. The question now is: Could SUI bounce back and surpass the $4 mark?

Sui Shows Bullish Signs on Several Fronts

As per Coinglass, since November 30, the total value of tokens entering or leaving exchanges (Sui Spot Inflow/Outflow) amounts to approximately $25 million. This measurement indicates the worth of tokens being deposited into or withdrawn from exchanges.

When the value is positive, there’s typically an increase in cryptocurrencies being transferred into exchanges, which could suggest that there might be increased selling pressure due to the higher price. However, if the value is negative, it usually means more cryptos are leaving exchanges, implying that holders may not be eager to sell, possibly because they believe prices will rise further.

For SUI, we’re seeing a trend towards the higher values. If this persists, there’s a possibility that SUI could recover from its recent 5% decrease and potentially surge back up to its peak price level it reached previously.

According to data from Santiment, it appears that SUI’s funding rate is currently favorable. This rate indicates whether long-term traders are compensating short-term traders for maintaining their positions or not.

When the measurement is positive, it indicates that long traders are being compensated, and the general trader attitude is optimistic (bullish). Conversely, when the measurement is negative, it signifies that short traders are profiting from long traders, and the overall sentiment leans towards pessimism (bearish).

Given the significant increase observed in this measure, it appears that traders are anticipating a market recovery. Should the exodus from the Sui platform persist and escalate further, there’s potential for the price to rebound, making it advantageous for these traders to maintain their positions.

SUI Price Prediction: Rebound Coming

It seems like the buyers of SUI are holding their ground at approximately $3.21 on the 4-hour chart, suggesting a robust level of support that may potentially ward off significant price drops below $3 for this cryptocurrency.

Glancing more at the graph reveals that trading trends are inclining towards an increase in buying activity. If this trend continues, it could support the bullish argument about Sui. But keep a close eye on the $3.15 mark, as it represents the 78.6% Fibonacci retracement point, which might be significant for traders.

So, if SUI’s value stays higher than its current level, it could potentially increase towards $3.94. But if it falls below this mark, bouncing back may become difficult.

If that happens and SUI exchange outflows drop, the forecast might be invalidated. Should that be the case, the cryptocurrency’s price might decline to $2.97.

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2024-12-02 23:51