Sui expected to break through the $5 mark

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Sui's price action has been strong on the daily chart, forming higher highs and higher lows since the end of October. The uptrend began in September when the local resistance of $0.9-1 was broken and retested as support.

The average volume has declined slightly over the past month, indicating a weakening buying pressure. The A/D indicator has slowed down significantly, especially in the past week.

The Ichimoku Kinko Hyo remains bullish, highlighting the strong support of the $3.2 and $4.1 areas. The cloud is thick, showing strong upward momentum in the past month.

At press time, the 23.6% extension level serves as short-term support. Although volatility is possible, the next target is more likely to be $5.38 rather than $3.5 or below.

The Fibonacci extension level of $4.5, which acted as resistance earlier this month, has now turned into a demand zone. The two-week review period shows that the liquidation level is concentrated around $4.3, with another liquidity level at $5.

The price has also fluctuated between these two levels over the past week, which explains the accumulation of liquidity. The decline in Bitcoin price and the consolidation phase of SUI mean that this range formation may continue for a few days.

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