SUI Price Explodes 10% as $40M Inflows Hit Exchanges Ahead of the Upcoming Halving

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Sui [SUI] caught the attention of traders and investors with a 10% rally over the past 24 hours.

As the market sentiment across the crypto space appears optimistic, major assets like Bitcoin [BTC] and Ethereum [ETH] are influencing the broader market with their performance.

According to CoinGlass, exchanges recorded $39.98 million worth of SUI Inflows.

Such an inflow of assets during an upside rally could indicate selling pressure from long-term holders.

However, as the sentiment has now turned bullish, there is a strong possibility that the SUI coin may not experience any downside momentum.

In addition to the participation of long-term holders, traders are also heavily betting on the bullish side.

Traders 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.

At press time, SUI was trading at $4.03.

Based on traders’ activity, it appears that the bulls are currently in control and they believe that the SUI coin price will not fall below the $3.71 level.

SUI price action and technical analysis

According to AMBCrypto’s technical analysis, SUI appears bullish and is poised to continue its upward momentum.

The four-hour chart reveals that SUI has broken out of a prolonged consolidation phase that had formed 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 this level, it could rally 40% toward $5.65.

This setup remains valid as long as SUI stays above $3.80. Any breakdown could invalidate the breakout structure.

With the notable surge in the asset price, SUI’s Relative Strength Index (RSI) reached the 75 level, indicating it is in the overbought territory. This suggests a potential price correction until the RSI value drops below 70.