Despite market volatility, SUI has demonstrated remarkable stability and remains stable above the important support level at $3.5. This steady performance reflects the underlying bullish momentum, as buyers continue to defend this key area, increasing confidence in the asset’s upside potential. With strong support intact, SUI is well positioned to target higher resistance levels, sparking optimism for further gains.
The objective of this analysis is to ascertain the ability of SUI to remain above the $3.5 level and assess its implication for future price movements. By examining key technical indicators and resistance areas, this piece seeks to provide insight into whether the SUI can sustain its bullish strength or whether market pressures could lead to a change in its trajectory.
What SUI stability above $3.5 means for bulls
SUI is showing renewed bullish strength as it maintains a strong position above the important $3.5 support level. This stability highlights growing buying interest and market confidence, paving the way for a potential move towards the $4 mark. Its ability to hold above this key level and the 4-hour simple moving average (SMA) reinforces the asset’s upward momentum, and positions SUI for further gains if positive sentiment continues.
Analysis of the 4-hour Relative Strength Index (RSI) analysis shows a rebound from 51%, moving towards and above the 60% level, indicating a new optimistic outlook. If the RSI continues to rise above 60%, it will confirm the positive trend, increasing the chances of more price gains.
Additionally, the SUI shows significant upward momentum on the daily charts, marked by the formation of a bullish candlestick as it moves towards the $4 mark. Trading above the crucial 100-day SMA reinforces the positive trend, indicating continued strength. As the SUI continues to climb, it strengthens market confidence, setting the stage for growth. With upside pressure increasing, the next key target to watch is the $4 resistance level, which could determine whether the bullish move continues or not.
The RSI on the daily chart has risen to 80%, indicating strong positive sentiment along with continued buying pressure. Although the asset remains in overbought territory, it is showing no signs of weakness. If the momentum continues, further price increases are possible, although one must remain cautious, as prolonged overbought conditions may lead to a correction once the buying pressure subsides.
Possible scenario: upside targets and observable risks
The current stability of the SUI above the $3.5 support indicates the possibility of continued upside. If buying pressure continues, the next key target is at $4, where bullish interest may arise, leading to new price highs.
However, if breaking the resistance at $4 proves challenging, consolidation or a minor decline could occur, potentially causing the price to retreat towards the $3.5 support level. A break below this level could result in additional losses, the next major support target will be around $2.8, followed by other support areas below.
