SUI's Bullish Divergence: 30% Rally Ahead

SUI's Bullish Divergence Points to a 30% Rally

SUI, the native token of the Sui blockchain, has shown resilience during the recent market downturn, maintaining its price above crucial support levels. The asset's daily chart indicates a bullish double-bottom pattern, with a bullish divergence signaling a potential significant upside rally.

The recent retest of the support level at $3 has triggered a price increase, with SUI currently trading near $3.18. This surge in price has been accompanied by a 15% increase in trading volume, indicating heightened interest from traders and investors.

On-chain analytics firm Coinglass reported a significant outflow of $21 million worth of SUI tokens from exchanges, suggesting potential accumulation by investors and long-term holders. This positive market sentiment could drive further buying pressure and upside momentum.

Intraday traders have also shown confidence in SUI's price action, with over-leveraged long positions totaling $7.55 million at the $3.123 level. Conversely, short positions have accumulated at the $3.26 level, with $5.20 million worth of short positions.

If SUI continues to hold its support level, it could potentially soar by 30% to reach the $4.15 level in the near future. However, the bullish thesis remains valid only if SUI's price stays above the $2.97 level.