SUI has confirmed its breakout from a multi-month symmetrical triangle, resulting in bullish expectations targeting 7 USD. Despite this, current market sentiment is bearish, presenting a challenge to sustained upward momentum.
Recent data shows exchange outflows totaling 8.74 million USD, which signals accumulation amongst holders. This decline in sell-side pressure may bolster SUI’s price resilience in the near term.
However, the path to 7 USD might be obstructed by existing sell pressure and liquidation areas between 3.80 USD and 4.00 USD. Maintaining a price above 4.00 USD is crucial for the bullish structure.
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