What's up, my friend! How are we doing? Here we go with this SUI thing. If you saw the movement, you know this is not just any rise. SUI broke free from the grip it had for months and shot up, but with a very interesting play behind it. 🚀
The point here is that the rise didn't come from retail jumping in suddenly. Nope. What we see is that the whales got involved strongly, with considerable-sized orders, and that gave it the push to break that $3.60 zone. When the heavyweights move the needle, it's serious business, because they are accumulating with a strategy, not speculating wildly. That, in theory, should give a firmer floor to the movement.
But pay attention to the data, just when the price spiked and reached $4, an influx of tokens started appearing on the exchanges. What does that mean? That people are starting to move their pieces to take profits. 💸 It's a sign that the euphoria might be reaching its breaking point, and that selling pressure is brewing. Moreover, the RSI is already at 72.7, and we all know that when that indicator gets like this, the asset is 'overbought', which in trading is like a flashing yellow light.
What does give a good signal is what is happening in the futures.
Despite the caution in the spot market, SUI futures continue to have aggressive demand. The traders there are super bullish and willing to hold their positions, which adds extra fuel to the party. The positive funding rate confirms it: people are still eager to buy.
In short, the play is like this: the whales gave it a push, but now that SUI is in that critical zone between $3.83 and $4.05, it's the moment of truth.
If it manages to hold and turn that resistance into support, it could have a clear path to seek $4.80. But if that influx of tokens to take profits turns into a storm, we could see a pullback at any moment. We need to be alert, because this could be the start of a big run or a breather before continuing to rise.$SUI
