SUI Shows Buyers Exhaustion
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.
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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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