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SUI Price May Correct Before Targeting Higher Levels, Say Analysts

  • SUI price may correct to $1.90-$2.30 after recent rally peaks.
  • Key support at $1.60 is crucial for sustaining the uptrend.
  • Targets include $3.55, $4.90, and possibly $6.62 if support holds.

SUi price has been showing upward movement and is now trading at $3.37. Analysts anticipate a pullback to the $1.90-$2.30 zone where SUI could find support for the next bullish run.

Golden Cross and Sustained Uptrend Indicate Bullish Potential

There is a golden cross formation on the SUI daily chart where the short-term moving average has crossed above the long-term moving average, suggesting a bullish trend.

1-day SUI tradingview|source Tradingview

This technical pattern points to further continuation of the higher high trend based on recent price movements.

However, smaller candlesticks in recent sessions might signal a potential pullback in the upward trajectory as SUI approaches the $3.10-$3.35 resistance level.

According to the analysts, traders should look for the consolidation around this level, which may typically mean that there will be a temporary halt in the upward movement of price.

If the price retreats, the $2.60 moving average could present nearby support that could be used as an entry point.

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The Money Flow Index (MFI) is currently at 72.06, putting SUI in the overbought territory, which might indicate that the buying pressure may soon decrease in the near term and trigger a small pullback.

Retest of Liquidity Zone Could Confirm Bullish Structure For Sui

Market analyst PStrade2 believes that SUI will return to the $1.90-$2.30 area of liquidity after the rally, which can act as a support level for buyers.

According to PStrade2, a successful test of this zone will help to confirm the uptrend to strengthen and create strong support for the further bullish trend.

The analyst also points to $1.60 as a critical level to hold on to the bullish outlook. If the price drops below this level, it may indicate a reversal of the trend.

However, as long as the SUI trading price stays above $1.60, then the outlook remains bullish and could have continued upward movements.

A rounded bottom formation marked from June to November 2024 also indicates the long-term buy signal as it is a bullish reversal formation.

This structure implies that SUI’s recent swings could be part of a broader bullish formation, provided that support lines hold at higher levels.

Price Targets and Potential Scenarios for Upside

Analysts outline two potential scenarios for SUI after a pullback to the $1.90-$2.30 range.

In the first scenario, SUI bounces off this support area and resumes its uptrend, potentially reaching targets at $3.55 and as high as $6.62.

This scenario would confirm the liquidity zone as a strong foundation, supporting further gains and marking key milestones.

In the second scenario, SUI continues its uptrend without revisiting the liquidity zone. If the price swiftly breaks above current resistance, it could reach the projected targets more quickly.

Both forecasts suggest bullish potential, provided that support levels hold and buying interest remains strong.

Volume analysis aligns with this outlook, as rising volume during recent price increases indicates solid buyer engagement.

Sustained volume during a retest of support could signal robust demand, potentially propelling SUI higher once any consolidation ends.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Olivia Stephanie
Olivia Stephanie
Olivia Stephanie is a FinTech enthusiast with a keen understanding of financial markets. Her passion for economics and finance has led her to explore emerging blockchain technology and cryptocurrency markets.