SUI is nearing a key resistance level that could dictate its next major move. Analyst CryptoBull_360 shared insights on X, emphasizing that SUI is approaching the upper trendline of a falling channel pattern.

The analyst is cautious as SUI tests this level, speculating on whether the token will break above or face a rejection. Besides, his analysis points to a potential bullish rally if SUI manages to breach this resistance, but failure to do so might lead to declines.

SUI Price within a Falling Channel

The SUI chart on the 2-hour timeframe by CryptoBull shows a consistent pattern of lower highs and lower lows, indicating a falling channel. The price has been oscillating within this channel, and the upper trendline, which has acted as resistance before, is being tested again.

CryptoBull_360’s tweet highlighted that traders are taking profits as SUI approaches this key resistance zone, suggesting caution.

#SUI approaches the trendline resistance of falling channel & traders start taking profits anticipating bearish move, A strong flip off from the trendline resistance + PoC will trigger the bullish rally, Keep an eye on £SUI #SUIUSDT pic.twitter.com/cDeGABAy4u

— CryptoBull_360 (@CryptoBull_360) October 24, 2024

The current trendline, ranging around £2.10-£2.15, remains a critical area. A breakthrough above this level could signify a potential bullish reversal, while a rejection may lead to a pullback.

Key Support and Resistance Levels

The analysis identifies crucial support and resistance zones for SUI. The lower trendline of the channel, positioned around £1.80, serves as a dynamic support level that has held firm during previous downward movements.

Additionally, a key support area is marked near £1.65, where SUI found demand earlier. On the resistance side, the primary hurdle is the upper trendline around £2.10-£2.15.

If SUI manages to break through, it could lead to a surge toward the next resistance at £2.35-£2.40, where the price has struggled before.

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Show more +Show less – Volume Profile and Potential Price Action

Volume analysis adds further insight into SUI’s price behavior. The Volume Profile on the chart shows a Point of Control (PoC) near £2.05, highlighting a level with high trading activity. This area can act as a pivot point, determining the direction of SUI’s next move.

If the price climbs above the PoC and upper trendline, it could confirm a bullish breakout, potentially driving SUI towards £2.35-£2.40.

Conversely, failure to sustain above the PoC might lead to renewed selling pressure, pulling SUI back toward support levels at £1.80 or lower.

Read also: Bittensor (TAO) and NEAR Protocol (NEAR) Charts Signal Potential Bullish Moves

Conclusion

CryptoBull_360’s tweet emphasized two possible scenarios for SUI. Traders anticipate a bearish pullback as they take profits at the trendline resistance.

However, the tweet also emphasizes that a “strong flip” above this level and the PoC could trigger a bullish rally. This suggests that the market sentiment remains divided, with traders eyeing both bullish and bearish opportunities.

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