SUI on the Verge: Bullish Breakout Signals Further Upside Toward $3.08 – Detailed 24h Technical Blueprint

Comprehensive Technical Analysis for SUI/USD on July 8, 2025

1. Market Environment & Macro Structure

• Current Price: $2.8931
• Recent Price Action: Sui (SUI) has staged a notable rally off the $2.44 (June 22 lows), climbing steadily to nearly $2.93 today. This 18%+ move from trough to current levels suggests active accumulation. The last 24-48 hours show a decisive breakout above the $2.86 resistance.
• Volume: There is an observable surge in volume on the upswings and pullbacks, particularly on July 2, July 3, and today’s hourly bars, highlighting conviction among buyers.
• Volatility: The daily range expanded substantially since late June, with daily ATR moving from under $0.10 to near $0.20, denoting increased speculative activity.

2. Trend Analysis

• Short-Term Trend: Higher lows from $2.45 (June 22), $2.67 (July 1) through $2.85 (July 7), confirming persistent upward pressure. Today’s price action sets a fresh monthly high since late June.
• Medium-Term Trend: After a corrective period between May and mid-June, the downtrend reversed in late June, as buyers defended the $2.44-$2.55 range and engineered a successful breakout above $2.80–$2.85. The market now approaches resistance at the psychological $3.00 level.

3. Support/Resistance Levels

• Key Supports: $2.85 (post-breakout retest), $2.74 (former range high), $2.67, and major $2.44 (June 22 pivot). Each has served as springboards for recent rallies.
• Key Resistances: $2.93–$2.95 (intraday supply zone), $3.00 (psychological), then $3.08 and $3.20 (early July, late June highs). Next higher resistance lies at $3.33–$3.51 (major May/June topping zone).

4. Candlestick & Pattern Recognition

• Daily Pattern: Recent candles show consecutive higher closes with lower wicks, indicating consistent dip buying. The July 8 candle forms a bullish marubozu (full-body), which, paired with surging volume, often precedes sharp upside extensions.
• Intraday/H1: Repeated bullish engulfing patterns and impulsive hourly candles (notably 17:00–18:00 UTC, July 8) support imminent continuation. No major exhaustion or reversal patterns are visible.

5. Momentum Indicators

• RSI (Daily, est.): Calculations based on price action suggest RSI in the 65–70 range — strong but not overbought, with room for further upside before exhaustion signals appear.
• MACD (Daily, est.): Histogram expansion above zero and widening fast/slow EMA gap indicate the bullish impulse remains powerful and is not decelerating.

6. Volume Profile & Order Flow

• Volume Profile: Highest traded volume nodes are clustered around $2.68–$2.75 (recent base in late June/early July) and $2.85–$2.90 (current breakout). Price acceptance at higher levels underscores buyers’ willingness to absorb supply.
• Order Flow: Rapid lifts on the order book during $2.85–$2.89 breakouts suggest large orders seeking market exposure rather than just stopouts.

7. Moving Averages

• Short-term (9/20 EMA): Both EMAs have turned sharply upward since early July and are aligned bullishly beneath price, providing dynamic support just below $2.87 and $2.81, respectively.
• Medium-term (50 EMA): Crossing above $2.83 confirms the trend reversal from mid-June, reinforcing the fresh uptrend.

8. Fibonacci Levels (June High-to-Low)

• Fib Retracement: Current price has reclaimed above the 61.8% retracement from the June peak ($3.08) down to the June 22 low ($2.44), which sits near $2.87. Price is now challenging the 78.6% retracement at $2.98–$3.00, a typical target for bullish continuation.

9. Oscillator & Sentiment Tools

• Stochastic: Near 80 but not crossing down, signaling strong positive momentum but not yet an actionable overbought exit.
• Bollinger Bands: Price hugging the upper band with expansion indicates a momentum drive, not yet a mean-reversion setup.
• OBV (On-Balance Volume, est.): Trending cleanly higher, matching price, indicating participation from larger players.

10. Elliott Wave Structure

• Recent surge likely represents a 3rd impulse wave of the current bullish cycle, suggesting at least one more upside leg is probable before a material correction.

11. Ichimoku Cloud

• Price decisively above the cloud; conversion and baseline lines trending upward. Cloud twist supports further upside, no signs of reversal.

12. Market Psychology & Risk Context

• The fast bounce and sustained buying pressure suggest sidelined buyers feared missing a bottom; as price broke $2.85, FOMO-driven volume increased.

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Conclusion: Buy (Long Position)

• The trend is strong, momentum is robust, and institutional order flow supports another extension.
• Minor pullbacks toward recent breakout ($2.89–$2.86) are likely to be absorbed by buyers.
• A move toward the psychological $3.00 resistance, and likely an extension to the $3.08–$3.10 region over the next 24 hours, is probable given positive technical breadth and lack of reversal signals.

Trade Plan

• Open Price: Enter on minor dip at $2.88 (prior breakout retest; also just below current price for optimal entry)
• Target/Close Price: $3.08 (next Fibonacci and previous minor top in July 3/4 — likely to attract profit-taking and resting sell orders)

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Risk Note: If price dips below $2.86 with momentum, reconsider bias as that would invalidate the breakout base. However, odds favor a continuation higher.

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Summary:

• All technicals align for further upside in the next 24 hours. Buy on a minor retrace. Sell/close around $3.08 as the next technical resistance.