SUI Surges 10% Amid $39.98M Inflow, Bullish Sentiment Persists

Coin WorldSaturday, May 10, 2025 12:11 am ET
1min read

Sui [SUI] has garnered significant attention from traders and investors following a 10% rally over the past 24 hours. This surge has been accompanied by a $39.98 million inflow of

into exchanges, raising concerns about a potential sell-off by long-term holders. Such an inflow during an upside rally could indicate that long-term holders are taking profits, which might exert selling pressure on the asset.

Despite the inflow, market sentiment across the crypto space remains optimistic. Major assets like Bitcoin [BTC] and Ethereum [ETH] have been performing strongly, influencing the broader market positively. This bullish sentiment suggests that SUI may not experience significant downside momentum in the near term.

In addition to the participation of long-term holders, traders are also heavily betting on the bullish side. Traders have targeted a lower bound at $3.7111 and an upper bound at $4.15. At these levels, traders appear to be significantly over-leveraged, with $80 million worth of long positions and $30 million worth of short positions built up. This indicates a high level of conviction among traders that the SUI price will not fall below the $3.71 level, suggesting that the bulls are currently in control.

Technical analysis of SUI reveals a bullish outlook. The four-hour chart shows that SUI has broken out of a prolonged consolidation phase near the key resistance level of $3.80. Following the breakout, the asset successfully retested this level and continued its upward movement. If the price holds above $3.80, it could rally 40% toward $5.65. However, any breakdown below this level could invalidate the breakout structure.

With the notable surge in the asset price, SUI’s Relative Strength Index (RSI) has reached the 75 level, indicating that it is in the overbought territory. This suggests a potential price correction until the RSI value drops below 70. Overall, while the $40 million inflow raises concerns about a sell-off, the bullish sentiment and technical indicators suggest that SUI may continue its upward momentum in the near term.