$SUI has recently captured the crypto market's attention with its impressive price action. The chart reveals a strong uptrend since September, with the price recently breaking above the crucial $2 resistance level.
Technical analysis suggests that despite a recent pullback, likely triggered by Bitcoin's retest of $62,000, #SUIđ„ maintains a bullish outlook:
Volume Increase: Trading activity has risen consistently since early September, indicating heightened interest and potential for continued volatility.
Bollinger Band Squeeze: The bands are tightening, often a precursor to a significant price movement. Given the overall trend, a bullish breakout seems more likely.
RSI: While briefly entering overbought territory, the RSI is showing resilience and attempting to reclaim higher levels, supporting the bullish narrative.
MACD: Remains in positive territory, suggesting sustained buying pressure despite recent fluctuations.
The chart shows SUI respecting key support levels after its parabolic rise, with the price currently consolidating near $2. If this support holds, we could see a continuation of the bullish trend towards the $2.25 level in the short term.
