The price of SUI is nearing a key resistance level, drawing market attention. Veteran analyst Panamax shared on X that SUI’s price could break its downward trend, noting bullish signals in his analysis. He stated, “$SUI about to break downtrend, all my signals turning bullish. Loaded af on $SUI.” Several market indicators support the possibility of this upward shift.
SUI Chart Analysis: Downtrend Breakout and Key Levels to Monitor
SUI’s price has been in a sustained downtrend since its peak earlier this year, but current price action suggests a possible reversal. According to the chart analysis, the token is testing a resistance level near the $3.2 mark, corresponding to the 0.618 Fibonacci retracement. This level is seen as a crucial area that could determine whether SUI continues its recovery.
Support was previously observed around the $2.9 level, aligning with the 0.5 Fibonacci retracement, while upper resistance targets at $4.5 and $5.3 represent potential milestones in the event of a breakout. Traders are watching these levels as SUI’s price consolidates near its current resistance.
Indicators Suggest Bullish Momentum For SUI
Technical indicators are beginning to align with the potential breakout scenario. The RSI is bouncing back from its low point and moving toward middle ground. This shows more buyers are stepping in. The MACD line looks ready to cross above its signal line – a sign that upward momentum is building.
The price has also climbed back above its 20-day moving average. The convergence of these moving averages indicates weakening bearish momentum and supports the possibility of a price reversal.
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Volume and Projections for SUI Price
An uptick in trading volume adds weight to the bullish outlook. Analysts note that sustained volume growth would validate a breakout above $3.2. If this occurs, SUI could target higher levels at $4.5 and $5.3, as outlined by Fibonacci retracement and extension levels.
Panamax’s chart and analysis provide an optimistic projection for SUI’s price, but broader market trends and investor sentiment will play a role in determining its trajectory. Traders and analysts are advised to monitor price movements closely in the coming days.
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