- SUI is consolidating within a narrowing price range after a sharp 10% price surge.
- Momentum indicators suggest weakening upside potential, with focus shifting toward support levels.
- Key price levels to monitor: $1.39 support, $2.29 resistance, and $1.70 as critical markers.
SUI’s price action has recently entered a phase of consolidation, with momentum weakening after a sharp rise. Key support and resistance levels are emerging, and traders must monitor these zones to gauge the market’s next move.
Price Action: Consolidation After Sharp Surge
After a sharp 10% price increase, SUI has entered a consolidation phase. Price action was contained between approximately $1.76 and $1.78. Such compression suggests the market is absorbing the prior gains.
In technical terms, this range-bound behavior points to a potential buildup of momentum. If SUI’s price can break above the resistance at $1.79, it could pave the way for a breakout toward the $2.29 resistance level.
If the price breaches the upper boundary of the range and sustains momentum, it may signal that the uptrend is resuming. However, failure to push past $1.79 could lead to a prolonged period of sideways movement.
Furthermore, the relative strength index (RSI), shows signs of weakening after rolling over from elevated levels. This is a clear indication that upside momentum may be fading.
A break below the RSI’s rising trendline would signal that the bullish phase might be over.
Key Levels: Watch Support and Resistance Zones
SUI’s price critical support is located at $1.39, which represents a significant price floor. Any move below this level would deepen the correction.
The $1.73, $1.79, and $1.84 zones are key price levels. A failure to maintain above $1.79 could trigger downside pressure. $1.70 is acting as a critical level to monitor. A break below $1.70 would expose the $1.62 Point of Control (POC).This level is important as it marks the price at which the most volume has transacted in the recent past.
On the upside, the $2.29 resistance level remains a significant barrier for SUI. For SUI to resume its upward trajectory, holding above $1.98 is crucial if bulls are to test the $2.29 level.
Momentum Indicators: Weakening Upside Potential
The RSI is pointing to a potential slowdown in momentum. The RSI has pressed against its rising trendline and shows signs of exhaustion. The market is no longer absorbing liquidity at the same pace as before.
A clean break below the RSI trendline could mean that the market is rotating, and the current price range could persist. In the meantime, focus remains on whether price action can break above $1.79 or fall below $1.70.
The lack of continuation toward the previously targeted $2.05 area further supports the idea that the recent surge was more of a short-covering rally rather than driven by strong, sustained demand.
