Sui Price Analysis Powered by AI

Sui (SUI) Primed for Bullish Breakout: Buy the Dip, Target $2.93 in 24H

April–May: SUI experienced a steadily rising trend, peaking near $4.12 in May, followed by a distinct correction phase.
June Trends: After bottoming out near $2.56 (June 21), there was a sharp recovery, with a local high around $2.92 (June 29) and a current price of $2.808. The recent three-day movement shows higher lows and higher highs, evidencing a short-term bullish reversal from previously oversold levels.

Last 24 hours show consolidation between $2.76 and $2.91, with multiple bounces from the $2.75–2.78 support zone and resistance near $2.90.
A notable absorption of selling pressure at these lower levels points to accumulation.

Major Resistance: $2.91–$2.92 (recent intraday high, small reversal from $2.92)
Major Support: $2.75–$2.78 (multiple hourly candles show wicks down and reversals from this level)
Secondary Resistance: $2.86–$2.88 (midway supply)
Secondary Support: $2.80 (round number, psychological and technical)

Volume spiked sharply on June 23–24 during the rapid rebound, indicating strong buying interest at sub-$2.60 levels.
Intraday, volume has dropped, consistent with a coiling phase for the next impulsive move. The lower volume on pullbacks suggests sellers are getting exhausted.

Recent hourly candles show pronounced lower wicks (especially near $2.75-$2.78), indicative of repeated buying pressure.
No large red candles with follow-through, but several bullish engulfing candles on the hourly chart.
The 'hammer'-type candles on support reinforce the accumulation thesis.

Moving Averages
- 20-hour EMA: Currently flatlining at ~$2.80, acting as dynamic support, frequently tested but not broken.
- 50-hour EMA: Slight upturn, suggesting a short-term reversal after the selloff—bullish confluence.
Relative Strength Index (RSI, Hourly)
- Currently around 52–55, after bouncing from sub-40 levels earlier in the week.
- Sign of neutral-mild bullish momentum, with room for expansion to overbought territory ($2.90+ zones) on a breakout.
MACD (Hourly)
- Bullish crossover occurred post-June 28th, histogram building positive.
- Signal line still rising, with no sign of divergence, supporting a trend continuation.
Bollinger Bands
- Bands narrowing (squeeze phase), suggesting an imminent breakout. Price meandering around mid-band, tending toward upper band ($2.88–$2.91 range).

Potential Ascending Triangle: On hourly, clear base at ~$2.75–2.78, with a series of higher lows and flat resistance at $2.90–2.92.
- This is a bullish continuation pattern, suggesting a breakout move if buyers overtake the $2.92 zone (measured move would target $3.05–$3.13 near-term).
If pattern fails, a break below $2.75 would likely see a retrace toward $2.65–$2.60.
Volume profile: Most volume accumulated between $2.78–$2.83, forming a visible support zone.

ADX (Hourly): Beginning to climb above 20, indicative of a trend about to develop—direction favored to the upside due to oscillator bias and recent structure.
ATR (Hourly): ~0.045, pointing to moderate volatility; this supports the expectation of a +3% move once range breaks.

Risk: Entry near $2.80 faces risk down to $2.75–$2.70. However, tight stops can be deployed below recent swing lows.
Reward: Upside toward at least $2.91–$2.93 (breakout resistance), with an extension target to $3.00+ on momentum continuation.
RRR (Risk-Reward Ratio): Favorable at >2:1 for long entries at support.

The intersection of rising short-term EMAs, bullish reversal candlesticks, ascending triangle formation, and positive oscillator crossovers builds a case for bullish continuation.
No major bearish divergences nor heavy-volume selling candles at resistance.
Short sellers appear exhausted at these levels; risk of short squeeze to $2.92–$3.00.

SUI will likely test $2.92–$2.93 early; a confirmed hourly close above $2.91 should lead to a continuation to $3.00–$3.05.
Downside risk is limited to $2.75; a break and close below $2.75 would invalidate the bullish view and signal a slide toward $2.60.

Buy (Long Position) at $2.80–$2.81 on minor pullback (EMAs and support zone).
Target $2.92–$3.00 (primary), with stop loss just below $2.74.
Aggressive traders can scale out near $2.92 and trail stops for possible $3.05 extension.

Summary:

Trend, indicators, and microstructure converge for an upside move.
Hourly price action and accumulation near $2.80 support a low-risk long entry.
Target range is $2.92–$3.00, with a potential extension. Downside risk well-contained with a tight stop.

Decision: Buy (Long Position) Open Price: $2.81 Close Price: $2.93