Sui has rallied 5.16% over the past 24 hours, bouncing strongly from recent levels. Although the move has now encountered technical resistance, the broader market structure remains decisively bullish.
Sui (SUI) price action has posted a notable 5.16% gain in the last 24 hours, reflecting renewed buyer interest and momentum. While the short-term rally has approached a local resistance level, the overall market structure remains firmly bullish. The current price action is part of a broader consolidation within a high-timeframe uptrend, with bulls maintaining control despite potential intraday pullbacks.
Key technical points
- Local Resistance at $3.88: Sui has approached the 0.618 Fibonacci retracement level, which aligns with the channel midpoint and is currently acting as resistance.
- Bullish Market Structure: The overall trend remains bullish with higher highs and higher lows still intact on the macro timeframes.
- Key Support at $3.33: A potential pullback could retest the $3.33 level, where multiple confluences including the VWAP and 0.618 Fibonacci suggest a strong buy zone.
Sui’s recent move into the $3.88 resistance zone, which aligns with the 0.618 Fibonacci level and the midpoint of the ascending price channel, has led to short-term consolidation and a possible mild pullback. However, this resistance is considered temporary in the context of the prevailing uptrend.
The next key level to watch is support at $3.33. This zone marks the channel low and aligns with several technical confluences, including the VWAP and a second 0.618 Fibonacci level. A move down to this area would likely form a higher low, signaling bullish continuation and preserving the macro structure.
Importantly, this scenario is not viewed as a breakdown or trend reversal. Instead, a potential pullback would serve to reset momentum before another push toward higher levels, particularly the major resistance near $4.65.
What to expect in the coming price action
If Sui fails to break through the current resistance at $3.88, a short-term retracement toward the $3.33 support level is likely. However, this would be considered a healthy correction within a broader bullish trend. As long as $3.33 holds, the overall structure remains intact, and bulls may target a continuation toward $4.65 in the near term.
