Massive Sui Liquidation Approaching as Price Breaks 2-Week Accumulation Phase

The SUI price has surged strongly in the past 24 hours, pushing this altcoin closer to a potential breakout.

The recent price increase, along with favorable market conditions, has sparked optimism about the possibility of reaching new highs. This altcoin is moving closer to a breakout after a period of accumulation.

Sui is building momentum

The Relative Strength Index (RSI) of SUI remains in the price increase zone, indicating strong momentum for this altcoin. The RSI has not yet reached the overbought area, suggesting there is still room for further growth.

This suggests that SUI may continue to rise as retail investor confidence increases.

The positive RSI position supports the view that SUI's price can maintain its upward trend. The ongoing positive momentum indicates that this altcoin has enough strength to overcome resistance levels ahead, especially if market conditions remain favorable.

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Despite the seemingly optimistic market sentiment, SUI is facing a significant liquidation risk. The liquidation map shows approximately $25 million in short-term contracts that could be triggered if the price reaches $4.35.

This would create significant buying pressure, contributing to the potential price increase.

Liquidating short-term positions is often considered a positive factor for asset prices, as it leads to increased demand. The absence of short-term contracts will help maintain an optimistic sentiment around SUI, as the market will need to push harder to counter fewer sell orders. This sets the stage for a potential breakout.

SUI price is breaking out

Currently, SUI is trading at $4.13, attempting to maintain support at $4.12 after increasing 10% in the past 24 hours. This altcoin has jumped from $3.69, indicating that the recent correction may have ended and the next phase could be a price surge. The goal is to establish $4.12 as a support level and continue the upward trend.

The next major resistance for SUI is $4.35. To achieve this price target, SUI must maintain the $4.12 support. If the token successfully holds this support level, it could move towards $4.35, potentially leading to further price increases.

However, the current market uncertainty remains a risk.

If the price momentum weakens and retail investors begin selling, SUI's price could drop to $3.93. Losing this support level could invalidate the price increase argument, and SUI may struggle to regain its upward momentum.