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SUI recent price recovery has reignited bullish sentiment, but its momentum is now being put to the test. After bouncing from key support levels, the price is facing strong resistance that could determine the next major move. Bulls are attempting to push through this barrier, but a lack of sustained buying pressure has made the breakout uncertain.
Market indicators reveal a tug-of-war between buyers and sellers, with bears aiming to cap gains and trigger a reversal. If bulls manage to build enough momentum, SUI could overcome this hurdle, setting the stage for a continued rally. However, if resistance proves too strong, a rejection could force a retracement to lower support zones.
Can SUI Maintain Its Momentum?
SUI is currently facing a crucial resistance level, and its ability to sustain upward movement will determine its next move. Bulls have managed to push the price toward the $2.365 mark, but the key test lies in whether buying pressure is strong enough to break past resistance.
Although SUI’s price remains below the 100-day SMA, signs of a potential shift in momentum are emerging. The MACD is on the verge of a bullish crossover, indicating that buying pressure may be building. When the crossover is confirmed, it might signal a strengthening uptrend, increasing the chances of SUI breaking through key resistance levels.
If bulls can successfully drive the price above the critical $2.365 resistance level, it could signal a strong breakout and open the door for further upside. A decisive move past this level, supported by increasing buying interest, is likely to push SUI toward the next resistance zone at $2.8217.
However, sustained volume and additional bullish confirmations will be crucial for the rally to gain traction. Should momentum weaken, SUI may struggle to maintain its upward push, leading to another retest of lower support levels.
Rejection Risks: Could Bears Regain Control?
Resistance zones often trigger increased volatility as both bulls and bears battle for control. With buyers failing to maintain strength, SUI may struggle to hold on to its recent gains, leading to a price rejection toward key support areas.
The first major support to watch lies near the $1.5997 level, where buyers might step in to prevent losses. A dip below this level may open the door for a deeper correction toward the $1.4222 psychological support, a critical zone that has previously acted as a price floor.
Should selling pressure intensify, SUI could test lower support near $1.1689, which indicates a stronger bearish shift. Bulls must defend these levels to maintain the broader uptrend or risk a prolonged consolidation phase before another attempt at recovery.
Featured image from Shutterstock, chart from Tradingview.com
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