Sui Sees Strong 5.16% Rally, But Faces Resistance
Sui has surged by 5.16% in the past 24 hours, showing strong buyer interest. However, itS now hitting a resistance level. Despite this, the overall market trend is still bullish.
The current price movement is part of a larger consolidation within an uptrend. Bulls are still in control, even with potential short-term pullbacks.
Here are the key technical points:
- Local Resistance at $3.88: Sui has reached the 0.618 Fibonacci retracement level, wich is acting as resistance.
- Bullish Market Structure: The trend remains bullish with higher highs and lows on macro timeframes.
- Key Support at $3.33: A pullback could test this level, where multiple technical factors suggest a strong buy zone.
Sui’s move into the $3.88 resistance zone has led to short-term consolidation. This resistance is temporary in the context of the prevailing uptrend. The next key level to watch is support at $3.33.
This zone marks the channel low and aligns with several technical factors.A move down to this area would likely form a higher low,signaling bullish continuation.
Importantly,a potential pullback would not signal a trend reversal.Instead, it would reset momentum before another push toward higher levels, notably the major resistance near $4.65.
What to expect next? If Sui fails to break through the current resistance at $3.88, a short-term retracement toward the $3.33 support level is likely. This would be a healthy correction within a broader bullish trend. Provided that $3.33 holds, the overall structure remains intact, and bulls may target a continuation toward $4.65 in the near term.
