- SUI could soar 47% to reach the $5 level if it maintains above $3.
- SUI was at a crucial support level of $3.3 and has formed a perfect 1:5 risk-to-reward ratio.
After a sharp decline in recent days, Sui [SUI] has formed a perfect risk-to-reward ratio for intraday traders, attracting notable attention from Binance users in the past 24 hours.
This ideal risk-to-reward setup is driven by bullish price action, which has shifted market sentiment for SUI.
75% of Binance traders go long
According to Coinglass, Binance’s SUIUSDT Long/Short Ratio was 2.51. This means for every 2.51 long positions, there is one short position.
In the cryptocurrency industry, such a Long/Short Ratio is considered to be a strong bullish sentiment among traders.
Source: Coinglass
Data further revealed that 75% of top traders on Binance are going long, while 25% hold short positions.
Meanwhile, traders across global exchanges hold 58% long positions and 42% short positions, suggesting that overall sentiment for SUI is bullish.
$43.50 million worth of SUI outflow
Coinglass reported that in addition to traders’ bullish activity, investors and long-term holders have also shown strong interest in the asset.
Data from Spot Inflow/Outflow revealed that exchanges have witnessed a significant outflow of $43.50 million worth of SUI tokens.
Source: Coinglass
Such an outflow during the market recovery is seen as a sign of potential accumulation by whales and long-term holders. It also has the potential to create buying pressure and drive further upside momentum.
When combining these on-chain metrics, it appears that bulls were dominating the asset and could support its growth in the long run.
SUI technical analysis and upcoming level
According to AMBCrypto’s technical analysis, at press time, SUI was at a crucial support level of $3.30, which has a history of notable price reversals.
This bullish price action has formed a perfect 1:5 risk-to-reward ratio.
Source: TradingView
Based on recent price action and historical momentum, if SUI holds above the $3 level, there is a strong possibility it could soar 47% to reach $5 in the coming days.
Is your portfolio green? Check out the SUI Profit Calculator
SUI was trading near $3.45, at press time, after surging over 9.50% in the past 24 hours.
However, during the same period, its trading volume dropped by 28%, indicating lower participation from traders and investors compared to the previous day.
