Sui [SUI] had a promising trading week. Measuring from its low on Monday to its high on Sunday, the token gained 51.35% and recorded a correction in the last 24 hours from its high of $1.5769.
Its outlook on the larger time frames remains strong, although a short-term pullback seems likely. Here’s how traders can navigate price trends over the next two weeks.
Is SUI Overextended?
On Sunday, September 15, Sui closed a daily trading session above $1.05. This was the previous high, which created a price rejection in August, sending Sui down to the $0.79 support level.
After the $1.05 level was broken, the daily market structure turned positive. Investors were quick to influence the market. In just the following week, they pushed the price higher, recording a 51.33% increase in the three days from Tuesday to Friday.
The OBV has broken above local resistance and the daily RSI has reached 78, indicating overbought conditions. The strong growth rate implies that a correction is likely in the near term.
SUI is likely to continue its rally in the coming weeks, with a 100% extension at $1.77 as the next target. Resistance at $1.44-$1.52 has been tested and could temporarily push back the bulls.
Liquidation levels show how far the decline can go.
TinTucBitcoin found that cumulative liquidations were mostly skewed towards bulls. This has eased slightly over the past 24 hours as the token corrected from $1.57 to $1.44, but a deeper decline is still possible.
The cluster of liquidation levels at $1.42, $1.37, and $1.30 are the next short-term targets. A price recovery from these levels is expected in the coming week, provided Bitcoin holds support above $60,000.
