- SUI forms bullish structure but faces critical resistance at the $3.30 level
- Weak MACD and neutral RSI signal caution despite recent price momentum
- Holding above $3.15 is vital to confirm breakout and avoid a fakeout below $3.02
Sui (SUI) has grabbed trader attention with its strong intraday surge, climbing 8.53% in the past 24 hours. The price currently stands at $3.27, sparking discussions about whether this marks the beginning of a sustained bullish breakout or just another short-lived fakeout. Despite a noticeable dip in trading volume, the token’s price action suggests solid upward momentum.
Market Structure and Trend Insights
The recent price rally from the $3.02 level has created a higher high and higher low pattern on the daily chart. This typically signals a bullish continuation. The move appears steady and calculated, with brief consolidations that suggest healthy market behavior. Significantly, buyers managed to defend minor pullbacks, keeping the price above short-term support zones.
Besides the bullish price structure, SUI faces a resistance wall near $3.30. This level has already shown signs of rejection, signaling cautious optimism among traders. A clean break above this could open the path toward $3.35 and beyond. However, if price action falters and slips below $3.15, the bullish case weakens. A further dip beneath $3.02 would likely confirm a fakeout and invite stronger selling pressure.
Key Indicators to Watch
Despite the bullish chart pattern, the MACD tells a different story. The MACD line remains below the signal line and is also in negative territory. This suggests that downside momentum is still present. Momentum is not accelerating, but it’s not reversing either.
Moreover, the Relative Strength Index (RSI) is neutral at 46.04. This reading is just above oversold territory but not yet bullish. If the RSI climbs above 50, it could confirm renewed buying interest. Conversely, a drop below 40 would likely attract sellers and drive further downside.
Outlook: Breakout or Bluff?
SUI’s future price movement depends heavily on its ability to hold above $3.15 in the coming sessions. If it succeeds, a breakout above $3.30 could follow quickly. However, technical caution is warranted due to weakening momentum indicators. Traders should watch for volume confirmation before jumping in. In the short term, price action near $3.02 remains the critical level to watch for trend invalidation.
