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Key Takeaways
Sui has a bullish construction within the lengthy-time period, and within the short-term, the bulls goal a transfer to and past the $4 resistance. This may very well be powerful since shopping for quantity has been muted up to now few days.
Sui [SUI] token noticed a 30% enhance within the each day buying and selling quantity, in line with CoinMarketCap knowledge. The altcoin had managed to climb above the short-term resistance at $3.5 and was headed to the $4 resistance.
Technical evaluation confirmed that SUI didn’t have excessive shopping for strain behind it in latest days. Due to this fact, the breakout previous $4 was made much less seemingly. Bullish power for Bitcoin [BTC] may assist Sui sentiment.
Supply: SUI/USDT on TradingView
The swing construction of SUI has been bullish since late 2024. The deep retracement from January to April 2024 didn’t breach the $1.6 swing low, holding the bullish construction intact.
On the time of writing, the native resistance at $4.44 must be the toughest impediment overhead. The transfer previous $3.5 confirmed momentum was shifting in favor of the bulls. Nonetheless, the shopping for strain has not been excessive.
The buying and selling quantity over the previous two weeks has been beneath common, and the OBV was solely barely increased than the lows it made initially of September.
Buying and selling quantity wants to extend to instill deeper confidence amongst traders and merchants.
Will SUI face rejection at $4?
Supply: SUI/USDT on TradingView
Zooming in on the 6-hour timeframe, the Mounted Vary Quantity Profile offered some clues on the place SUI costs may go subsequent.
Measured from the rally that started within the latter half of June, the FRVP confirmed that Sui bulls have been driving the value towards the Worth Space Excessive at $4.
The $4 stage was additionally a psychological spherical-quantity resistance. This confluence, mixed with the minimal shopping for quantity in September, meant that a breakout may take time.
Therefore, merchants can be careful for a rejection from the $4 provide zone.
In that state of affairs, a retracement to the $3.5 help, which was the Level of Management (pink), may be anticipated.
Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion
