SUI is positioned for further upside, bolstered by positive technical momentum and solid volume support. However, maintaining the price above key moving averages will be crucial for the continuation of this bullish run.
Volume Spikes Confirm Breakout Strength
According to Gemxbt’s post on X, the SUI 1-hour chart reveals a strong uptrend, with the price trading above the 5, 10, and 20-day moving averages—an indicator of short-term momentum and sustained buyer strength.
The Relative Strength Index (RSI) is approaching overbought territory, warning of a potential short-term pullback. Traders should remain cautious of a temporary pause as the market digests recent gains. Meanwhile, the Moving Average Convergence Divergence (MACD) remains bullish, characterized by a widening gap between the MACD line and the signal line, a common precursor to continued trends.
Notably, trading volume has surged in conjunction with the price movement. An increase in volume during an uptrend typically signals genuine market participation, affirming that the move is supported by a robust buyer base.
Analyst LORD ATU also stated that SUI is currently trading at $2.90 on the daily chart, with a solid 9.69% weekly gain and exhibiting clear signs of bullish momentum. The price action falling wedge pattern is often a bullish continuation signal, projecting a potential target of $3.20. If confirmed with volume, a breakout is likely to follow.
However, a bearish head and shoulders formation is emerging, signaling a possible drop toward the $2.30 support zone, a historical level of structure and support. LORD ATU highlighted key levels to monitor: the support at $2.88, a crucial short-term floor to maintain the uptrend, and resistance at $3.15, where a break could trigger upward momentum.
The SUI ecosystem reflects strong growth attributes, marked by increasing development activity and solid fundamentals. However, an upcoming token unlock could introduce fresh supply pressure and potential volatility.
Momentum Accelerates After Consolidation Phase
Market analyst Profit Demon also noted on X that SUI has completed a bullish flag pattern breakout on the 3-day chart, signaling a significant shift in market sentiment following a period of consolidation. This continuation pattern often indicates the end of sideways movement and the resumption of an existing uptrend.
Upward momentum is building following the consolidation phase, supporting increased buying interest and favorable market conditions.
SUI is currently trading at $3.51 on the daily chart | Source: SUIUSDT on Tradingview.com
