Exploding by over 25% in the last 24 hours, SUI is now looking highly bullish on the daily chart following a slight shift in the market structure. A significant breakout of this month’s resistance could fuel a major rally.
The early-month bounce above $1.7 has brought a notable recovery in SUI’s price over the past weeks with a new bullish formation on the day.
Yesterday saw the asset through its biggest buying volatile period since the start of the year, and as we can see, the bulls are currently showing more commitment amid rising demand.
While this could mark an end in the short-term correctional phase, it is stylishly breaking out of a key monthly resistance level of $2.8, although is yet to confirm due to a slight rejection. A strong daily close above it could set the market up for a big price movement on the daily scale.
However, if the $3 level poses a threat, the crypto may pull back and look for a close support before resuming buying. It is important to note that the latest surge was triggered from the $2 level. A pull below the level could bring the bears back. But as it stands, the bulls are in control.
SUI Key Levels To Watch
Source: Tradingview
As the price slowly breaks out of a monthly resistance, the immediate level to keep in mind is $3.26 and $3.74. The resistance to watch above these levels is $4.25 and potentially $5.5, marked as the peak in January.
The $2.4 level is considered support for a pullback. Right below it lies the $2.02 level, followed by the $1.72 support, tapped as a monthly low.
Key Resistance Levels: $3.26, $3.74, $4.25
Key Support Levels: $2.42, $2.02, $1.72
- Spot Price: $2.86
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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