TLDR
SUI has seen remarkable growth with a nearly 500% price increase over the past four months since September
The coin’s technical indicators, particularly the Ichimoku Cloud, show strongly bullish signals on daily timeframes
Current support levels are holding at $4.494 (23.6% Fibonacci extension level)
Trading volume has shown a slight downward trend recently, suggesting a potential consolidation phase
Key resistance levels to watch are at $5.00 and $5.38, with support at $3.20 and $4.10
The Sui Network’s native token (SUI) continues to display remarkable strength in the cryptocurrency market, maintaining its bullish structure after an impressive rally of nearly 500% over the past four months. At press time, SUI trades at $4.494, finding support at the 23.6% Fibonacci extension level despite recent market volatility.
The token’s journey began in September when it successfully broke through and retested the local resistance zone between $0.90 and $1.00. This breakthrough marked the beginning of a sustained upward trend that has characterized SUI’s price action through the final quarter of 2024.
Technical analysis of the daily timeframe reveals a clear pattern of higher highs and higher lows since late October, confirming the strength of the current uptrend. The Ichimoku Cloud, a comprehensive technical indicator, remains intensely bullish, highlighting strong support zones at $3.20 and $4.10.
The recent market dynamics show interesting developments in trading patterns. While Bitcoin experienced a 4.8% decline in the past 24 hours, SUI saw a corresponding 8.6% drop, demonstrating its correlation with broader market movements while maintaining its overall bullish structure.
Trading volume analysis provides additional insight into the token’s current market position. Over the past month, average trading volume has shown a slight downward trend, suggesting a temporary reduction in buying pressure. This pattern is reflected in the Accumulation/Distribution (A/D) indicator, which has notably slowed its ascent over the past week.
Looking at short-term price action, SUI has established a clear trading range. The $4.50 level, which previously acted as resistance earlier this month, has now transformed into a demand zone. Data from Coinglass reveals notable liquidation clusters around $4.30, with another pocket of liquidity forming near the $5.00 mark.
The strength of the current uptrend is particularly evident in the thickness of the Ichimoku Cloud, indicating robust upward momentum maintained throughout the past month. This technical formation suggests that while short-term volatility remains possible, the probability of reaching the $5.38 target appears higher than a drop below $3.50.
Recent price consolidation between established levels has led to increased liquidity build-up, suggesting that the current range-bound trading might persist for several more days. This consolidation phase, combined with Bitcoin’s recent price action, provides traders with clear levels to monitor for potential breakout opportunities.
The market structure shows strong support at multiple levels, with the 23.6% Fibonacci extension currently serving as a short-term floor. This technical setup, combined with the overall trend direction, suggests that bulls remain in control of the larger timeframe.
Trading data indicates that institutional interest in SUI has remained steady despite the recent market-wide correction. The sustained buying pressure above key support levels suggests continued confidence in the token’s upward trajectory.
Price action analysis reveals that SUI has consistently found buyers at lower levels, with each dip being met with renewed buying interest. This pattern of steady accumulation has contributed to the token’s ability to maintain its upward momentum even during periods of market uncertainty.
The two-week lookback period provides valuable insight into market participant behavior, showing clear zones where traders have concentrated their positions. These areas of interest align with the current technical structure, reinforcing the importance of the identified support and resistance levels.
While volatility metrics suggest possible near-term fluctuations, the overall market structure remains intact. The presence of strong support levels and consistent buying pressure indicates that the token’s upward trajectory could continue once the current consolidation phase concludes.
Recent trading sessions have shown increased activity near the $4.50 mark, suggesting this level’s importance as a psychological barrier for traders. The market’s reaction to this price point will likely influence the timing of the next directional move.
At press time, SUI trades at $4.494, maintaining its position above crucial support levels despite recent market volatility. The 23.6% Fibonacci extension level continues to provide short-term support, while traders watch for potential moves toward the $5.38 target level.
The post Sui (SUI) Price Action Suggests Further Upside as Bulls Target $5.38 Level appeared first on Blockonomi.
