Large liquidation events occur when the price of SUI breaks down the consolidation pattern in 2 weeks.

In the past 24 hours, the price of SUI has risen to the sky, bringing this altcoin closer to a potential breakout. The recent growth, combined with favorable market conditions, has ignited hopes that SUI will establish new highs after the accumulation phase.

Sui is building momentum

The Relative Strength Index (RSI) of SUI is in the bullish zone, indicating that the momentum of this altcoin is strong. Notably, the RSI has not yet entered the overbought territory, implying that there is still room for the price to continue rising.

This signals that SUI may continue to climb as investor confidence rises.

The good position of the RSI supports the view that SUI can maintain its bullish trajectory. Positive momentum indicates that the altcoin has enough strength to break through the resistance levels ahead, especially if market conditions remain favorable.

SUI RSI | Source: TradingViewAlthough market sentiment appears optimistic, SUI is facing the risk of massive liquidations. According to the liquidation map, approximately 25 million USD in Short positions could be wiped out if the price hits $4.35.

The liquidation of Short positions is often seen as a positive factor for the price of the asset, as it leads to increased demand. The absence of Short contracts will help maintain a bullish sentiment around SUI, setting the stage for a potential breakout.

SUI liquidation map | Source: Coinglass## SUI is breaking out

SUI is currently trading around $4.13, trying to find support at $4.12 after rising 10% in the past 24 hours.

This altcoin has bounced back from the level of $3.69, indicating that the recent correction has ended and the next trend could be a price rise, with the target of establishing $4.12 as support.

The next main resistance level of SUI is at $4.35. To reach this price target, SUI must maintain the support level of $4.12. If successful, the price could aim for $4.35, potentially leading to subsequent price rises.

SUI Price Analysis | Source: TradingViewHowever, market risks still exist. If the upward momentum weakens and selling pressure increases, SUI may drop to $3.93. Losing this support will invalidate the bullish scenario and put SUI in a difficult position to regain upward momentum.

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