Despite market volatility, SUI showed remarkable stability, remaining stable above the critical support level of $3.5. This consistent performance reflects underlying upward momentum, as buyers continue to defend this key area, strengthening confidence in the asset’s upside potential. With continued strong support, SUI appears well positioned to target higher resistance levels, sparking optimism for further gains.
This analysis aims to explore SUI’s ability to stay above the $3.5 level and evaluate its implications for future price movements. By examining key technical indicators and resistance areas, this article seeks to provide insight into whether SUI is able to maintain its bullish strength or whether market pressures could trigger a reversal in its trajectory.
What does SUI stabilization above $3.5 mean for bulls?
SUI is displaying renewed bullish strength as it maintains a firm position above the critical support level of $3.5. 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) is bolstering the asset’s bullish momentum, and positions SUI for further gains if positive sentiment persists.
Analysis of the Relative Strength Index (RSI) on the 4-hour frame shows a recovery from 51%, rising towards the 60% level and above, indicating a renewed optimistic outlook. If the RSI continues to rise above 60%, it will confirm the positive trend, enhancing the possibility of further price growth.
Additionally, SUI is showing a significant upward movement on the daily chart, marked by the formation of a bullish candle as it moves towards the $4 mark. Trading above the crucial 100-day simple moving average reinforces the positive trend, indicating sustained strength. As SUI continues to rise, it boosts market confidence, paving the way for growth. As bullish pressure builds, the next major target to pay attention to is the $4 resistance level, which could determine whether the upward move will extend or not.
The Relative Strength Index on the daily chart has risen to 80%, indicating strong positive sentiment as buying pressure continues. While the asset remains in the overbought zone, it is showing no signs of weakness. If the momentum continues, further price gains are possible, although one should be careful, as prolonged overbought conditions could lead to a correction if buying pressure decreases.
Possible scenarios: Upside targets and risks to watch
SUI’s current stability above the $3.5 support level indicates a possible continuation of the uptrend. If buying pressure continues, the next major target is at $4, where bullish interest could be sparked, leading to new price highs.
However, if breaking the resistance at $4 proves difficult, a consolidation or slight decline may occur, which could cause the price to pull back towards the $3.5 support level. A break below this level could lead to additional losses, as the next major support target will be around $2.8, followed by other support areas below.