Sui (SUI) Price Prediction For February 5

After a sharp fall, Sui ($SUI) has recovered significantly and is poised for massive upside momentum due to its bullish price action on the four-hour timeframe. Data shows that after witnessing a price drop of over 38%, the altcoin has soared more than 55%, reclaiming all the losses.

64% of $SUI Traders on Binance Go Long

Following this significant price recovery, the sentiment around $SUI appears to have shifted, as intraday traders are strongly betting on the long side.

According to on-chain analytics firm Coinglass, the Binance SUIUSDT Long/Short ratio stands at 1.80, indicating strong bullish sentiment among traders. This ratio means that for every 1.80 long positions, traders hold a single short position.

However, the data further reveals that 64% of the top $SUI traders on Binance currently hold long positions, while 36% hold short positions.

Whales’ and Investors’ Rising Interest

In addition to traders, long-term holders are also showing strong interest and confidence in the token, as exchanges worldwide have witnessed an outflow of over $45 million worth of $SUI tokens in the past 48 hours.

This substantial outflow during the market recovery suggests potential accumulation, which could create buying pressure and drive further upside momentum, as seen in $SUI today.

$SUI is currently trading near $3.76 and has experienced a price surge of over 6% in the past 24 hours. However, during the same period, its trading volume dropped by 53%, indicating lower participation from investors and traders compared to the previous day.

$SUI Technical Analysis and Upcoming Levels

This strong interest and confidence in $SUI have emerged due to its bullish price action. According to expert technical analysis, $SUI has formed a bullish cup and handle pattern and is poised for a breakout.

Based on historical price momentum, if the asset breaches the neckline of this bullish pattern and closes a four-hour candle above the $3.80 level, there is a strong possibility it could soar by 30% to reach the $5 level in the coming days.

However, mild resistance exists at the $4.20 level, where the 200 Exponential Moving Average (EMA) on the four-hour timeframe is forming, which could pose a hurdle to $SUI’s upside rally.