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Key Takeaways:
- A 66% surge in trading volume and 12.55% daily price increase suggest renewed attention on SUI.
- While the weekly structure remains bullish, lower highs in A/D and negative CMF point to ongoing sell pressure.
- Watch for reactions at $2.08 and $1.71. A flip of $3 into support would likely signal bullish continuation.
Sui [SUI] has captured market attention with a 66% jump in daily trading volume, pushing the figure to $2.1 billion. Over the past 24 hours, SUI also recorded a 12.55% price increase. While these metrics suggest a renewed interest, mixed signals on the charts point to both bullish hopes and bearish risks.
Bullish Structure on Weekly Timeframe but Persistent Selling Pressure
On the weekly timeframe, Sui exhibits a bullish market structure, confirmed by a structure break in early May. The Fibonacci retracement plotted from the late-2024 rally shows the 78.6% level at $2.43 acting as a strong support — a level that was perfectly retested on June 22.
This development coincides with Bitcoin’s bounce from $101,000 to $106,000 earlier this week, potentially boosting sentiment across altcoins, including SUI. Despite this, key indicators remain bearish: the Accumulation/Distribution (A/D) line has been trending downward, and the Chaikin Money Flow (CMF) is at -0.08, suggesting capital outflow.
Daily Chart Reveals Bearish Short-Term Structure
Zooming into the 1-day timeframe, Sui’s market structure appears bearish. After dropping below $3.12 in early June, the altcoin has failed to reclaim that level. The A/D indicator continues to decline, and the CMF remains neutral — indicating indecisiveness in capital movement.
The Money Flow Index (MFI), currently at 30.5, reflects bearish pressure. Analysts are watching two key support zones: $2.08 (a level tested in March/April) and $1.71 (the swing low on the weekly chart). A break below $1.71 could confirm a bearish reversal in the weekly outlook.
Also Read: SUI Price Forecast: Could It Hit $5.35 in 2025 After Recent Drop?
Will Bitcoin’s Strength Push SUI Higher?
While SUI’s short-term indicators lean bearish, Bitcoin’s recent strength may support an altcoin recovery. If BTC maintains support above $100,000, bullish sentiment could spill over into Sui and other altcoins. For SUI, flipping the $3 level into support would be a strong bullish signal.
Until then, traders are likely to watch for a retest of $2.08 or a deeper dip toward $1.71. A strong bounce from either level would suggest accumulating buying pressure and a possible trend reversal.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
