SUI Shows Buyers Exhaustion
SUI showed signs of bullish exhaustion amid high buyer pressures in the crypto market
SUI showed signs of bullish exhaustion amid high buyer pressures in the crypto market. The 12th most valuable crypto asset is down 86 basis points with a market valuation of about $16 billion.
The altcoin will likely face seller pressure below the breakout level of the $5 support line. The price must drop below $4 for a bearish confirmation bias A strong rebound from $5.25, on the other hand, will indicate that the bulls are attempting to turn the level into support.
Additionally, the new all-time highs on SUI follow important ecosystem developments. On-chain analytics firm Coinglass claims that the bullish move caused retail investors, investors, and long-term holders to sell their SUI tokens, which may be profit-taking signs. According to data on inflows and outflows, SUI tokens totaling $16 million were added to exchanges.
The transfer of assets from the wallets of long-term holders to exchanges may indicate a possible divestment in the cryptocurrency market, which could result in selling pressure and a price drop. , SUI’s price is still solid at $5 amid market correction.
The recent rally that occurred despite the January 1 token release event, which saw the release of 64.19 million tokens valued at $300 million, is also noteworthy.
Though it was widely expected, this abrupt increase in supply could have had a negative effect and did not impede SUI’s ascent, indicating the token’s resilience and investors’ faith in its long-term prospects.
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