- SUI is trading within a symmetrical wedge, with price compression between $3.39 support and $3.59 resistance.
- The current weekly structure shows price nearing the wedge’s upper boundary without breakout confirmation.
- Support at $3.39 has held firmly amid reduced volatility and narrowing candle ranges.
SUI has recently displayed a notable weekly price structure, forming what appears to be a symmetrical wedge pattern. The chart, sourced from Binance’s weekly timeframe, highlights price action bounded by converging trendlines. At the time of writing, SUI was trading at $3.41, which was a 2.2% decrease from the previous 24 hours.
The wedge is compressing the market, and thus there might be a volatility period approaching the apex. Price has been facing the upper resistance trendline, but there has not been a breakout yet. The current setup confines trading between $3.39 and $3.59.
SUI Trades in Tight Wedge as Support and Resistance Hold Firm
The wedge spans a range defined by the support line around $3.39 and a resistance ceiling near $3.59. This horizontal contraction reflects a steady tightening in volatility. Despite the slight 24-hour price decline, recent candles have respected both the upper and lower bounds of the pattern.
Volume has remained relatively low, indicating a lack of strong directional conviction at this stage. Notably, prior movements within this wedge have seen repeated rejections from the upper trendline.
SUI Price Tests Wedge Resistance as Buyers Hold Key Support
The price has drifted toward the wedge’s resistance trendline after several weeks of upward momentum. This positioning suggests that buyers have retained moderate strength since the last rebound near the $3.00 zone. However, repeated rejection near $3.59 emphasizes that sellers are active around this level. At the same time, support continues to hold at $3.39, adding more significance to this narrow band. The structure does not yet favor a clear breakout, but each candle’s proximity to resistance shows where pressure is building. Both support and resistance remain critical for the short-term structure.
Historical Context Aligns With the Pattern’s Development
Looking backward, the wedge appears to have formed over an extended timeframe. This gradual convergence between support and resistance reflects broader market indecision. Each leg of the structure connects meaningful price swings, anchoring the current formation.
Currently the direction between 3.39 and 3.59 is really narrow and clear. Until one party breaks price action will remain contained within the wedge. The market continues to observe this structure closely.
