Sui (SUI) Set for New Highs: Buy the Next Dip for a Bullish Continuation

1. Long-Term Trend Analysis

Observing the daily chart from mid-April to July 11, 2025, Sui (SUI) embarked on a pronounced uptrend in late April, surging from the $2.30 region to a local peak above $4.20 in early May, followed by a deep retracement in early June down to lows near $2.45. Since then, the asset has rebuilt bullish momentum, reflected by the robust climb to the $3.46 area in the present session. The most recent days display a significant rally backed by expanding volumes, indicating renewed strong buying interest.

2. Price Action and Candlestick Analysis

• A sequence of higher highs and higher lows is observed from June 21 ($2.56 bottom) to July 11 ($3.46+), marking a clear short-term uptrend.
• Notably, between July 9 and 10, SUI broke decisively above prior resistance at $3.08 and $3.10, accelerating upwards to $3.49 on increased volume.
• On July 11, price made intraday highs near $3.56 but faced resistance and pulled back to close around $3.46, printing a modest upper wick—potential early signal of short-term exhaustion near resistance, though overall structure remains bullish.

3. Volume Profile

• Accompanying the breakout above $3.08–$3.10 was a surge in volume (over 1.7B on July 10), underlining the conviction behind the move and validating the breakout.
• Sustained elevated volume during the pullback suggests profit-taking rather than broad-based selling.

4. Support and Resistance Analysis

• Major Support Levels:
  • $3.10–$3.25 (prior resistance, recent breakout zone)
  • $2.90–$3.00 (previous congestion and breakout base)
• Immediate Resistance:
  • $3.56–$3.57 (intraday highs 07/11)
  • $3.85–$4.00 (psychological and historic prior supply zone)

5. Moving Average Analysis

• Simple Moving Averages (SMA):
  • 20-day SMA (approx estimate by recent closes): Rising and currently trailing price, likely in the $3.10–$3.30 zone, supporting bullish continuation.
  • 50-day SMA: Flatter but moving up through $2.90–$3.00, confirming medium-term trend shift up.

6. Momentum Oscillators

• Relative Strength Index (RSI): Approximate assessment (visualizing momentum): RSI likely in the high 60s to low 70s after the recent surge, approaching but not yet in severe overbought territory. This typically signals further upside may exist but is increasingly vulnerable to pullbacks.
• MACD (Moving Average Convergence Divergence):
  • Crossed bullishly in late June as price rallied from $2.46 upwards. Histogram would show strong positive momentum but possibly flattening as price approaches resistance.

7. Chart Patterns and Price Structure

• Ascending Channel: From late June onward, price advances within a clear rising channel, marked by higher swing highs and swing lows, with well-respected channel boundaries.
• Breakout: July 9–10 breakout from prior trading range above $3.08 completes a classic range expansion, often followed by a measured move (target ~$3.49–$3.60, which aligns with today’s high).
• Potential Bull Flag: Recent consolidation in the $3.46–$3.56 zone bears resemblance to a bull flag continuation pattern after the sharp move—if resolved upwards, next upside extension may target $3.80+.

8. Fibonacci Analysis

• Pulling Fib retracement from May top (~$4.26) to June low ($2.45):
  • 38.2% retrace: ~$3.16 (recent support)
  • 61.8% retrace: ~$3.68 (potential upside target on breakout)

9. Order Book & Market Sentiment (Assumed from Price/Volume)

• The strong activity and shallow retracements post-breakout imply active dip-buying and bullish trader sentiment. However, rejection at $3.56 hints at a short-term supply likely due to profit-taking or short-term traders front-running prior highs.

10. ATR (Average True Range, Volatility)

• Recent ATR expansion demonstrates heightened volatility, supporting short-term trade opportunities but requiring wider stops.

11. Summary and Prediction for Next 24 Hours:

• The prevailing trend is bullish but with a cautionary note of local resistance at $3.56–$3.60 and short-term overextension.
• A minor dip towards $3.40–$3.43 is likely as late longs get flushed and profit is taken, but barring a high-volume breakdown of $3.35, buyers should re-emerge.
• Momentum favors dips being bought, with potential for a consolidation in the $3.40–$3.56 area before an upward extension toward $3.70–$3.80 in the next 24–48 hours.

Decision Rationale:

• Buy on Dips near $3.42–$3.44 is preferred, as risk/reward skews positively given the structural uptrend, volume confirmation, and probable continuation pattern emergence.
• Immediate breakout longs are less attractive due to proximity to resistance; patience for entry on retrace increases probabilistic edge.

---

Optimal Trading Plan

Open Price: $3.43 (on retrace near short-term support) Take Profit / Close Price: $3.70 (approaching the 61.8% Fib retrace/next overhead resistance, below round-number sellers) Stop-Loss (not part of prompt but relevant): $3.32 (below local swing low, neutralizes if move fails)

Final Conclusion: Strong uptrend with anticipated minor pullback. Buy the dip near $3.43 for targeting $3.70 within 24–48 hours.