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The price of Sui (SUI) was trapped below a resistance band near the $1 level at the end of December and the beginning of January. In the last four days of trading, the bulls shattered this resistance. The token’s technical analysis indicates that the high time frame trend is strongly bullish. On the other hand, after the recent rises, indicators suggest that the price may soon decline.
SUI Price Comments
As of the time of writing, the SUI price was trading at $1.40, indicating an 8% increase over 24 hours. A daily chart review reflected that it had surpassed the $1.245 resistance level that had been in place since May 2023, instilling confidence in investors as a sign of an uptrend.
The OBV indicator was also accompanying the rise, reflecting a strong uptrend over the last six weeks.
However, the RSI was above the 68 level, indicating that there was pressure towards overbuying in the altcoin. While such overbought conditions do not guarantee a pullback, they signal a warning in market conditions and the potential for a price retracement.
According to Fibonacci levels, the lower region has vital support levels at $1.02 and $0.94. Especially the $0.94 level was a strong support zone that served as resistance one month before June 2023.
Although the $0.94 level is an old support, the psychologically significant $1 level is crucial for the bulls’ defense in most cryptocurrencies.
Current Situation in SUI
According to the analysis based on Coinalyze data, there was a weak sign of decline in SUI’s market sentiment in the last 24 hours. The Open Interest rate dropped from $185 million seen on January 13 to $157.4 million 24 hours later.
The charts indicated that despite the price exceeding $1.4, futures traders were in a situation of waiting for the next level to enter the market and acting cautiously.
The Spot CVD was flat after the price increase that started on January 11, but after the analysis, the last transactions showed the price rising again.
According to Spot CVD, the balance between buyers and sellers was disrupted. If a decline occurs again, the balance could shift in favor of sellers and lead to a price drop.
