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SUI: Here’s How This Pattern Could Push the Coin Past $4
The Sui [SUI] price has been experiencing a remarkable 6.5% surge in the past 24 hours, with its current trading value hovering around the $3.30 level. Despite this impressive growth, market sentiment remains somewhat mixed, as long-term holders are reportedly dumping their SUI tokens onto exchanges, resulting in an influx of $6 million worth of SUI into the market.
Despite this unexpected sell-off, traders and investors are taking advantage of the current market recovery to take a contrarian view. According to Coinglass, traders have accumulated over $25.5 million worth of long positions at the critical level of $3.11. Meanwhile, $3.389 is another crucial zone where bears have placed $6.37 million in short positions.
The ongoing mixed sentiment and conflicting data could be a potential setup for a massive upside movement. The cryptocurrency’s ability to hold above the key support level of $3 could trigger a surge of 24% to push SUI past the critical psychological barrier of $4, as per historical price momentum.
Technical analysis suggests that SUI is forming a bullish double-bottom pattern on the daily timeframe. This pattern has been seen in various other cryptocurrency markets and has historically resulted in significant upside movements.
Source: ambcrypto.com
