SUI price has been extremely volatile in the last week, as is evident from the candlestick chart. It started with a strong bullish trend, which took the price higher and touched its short-term high of around $3.8. Afterward, the trend reversed, and there was massive selling pressure, which eventually pushed the price lower.
As the bears took over, SUI fell steeply to the level of $3.20, which was acting as a strong support level. A reversal setup started to take shape, signified by long lower wicks of the candles signaling buying pressure and potential trend reversal.
Next, the token experienced a slight recovery, ranging from $3.20 to $3.45. In spite of temporary bullish attempts, the price failed to cross the $3.45 resistance line. Major moves were supported by increased trading volume, particularly during the fall and the recovery, evidencing high market turnover.
Generally, the market is indecisive, with SUI ranging within critical support and resistance areas. A move above $3.45 might confirm renewed bullish traction, and slides below $3.20 might trigger further declines.
SUI Token Price Analysis: What Next?
In the 4-hour chart of SUI, we see a market in consolidation where the price is staying at around $3.32 and ranging within a support level of $3.18 and resistance at $3.49. Bollinger Bands are tightening up, which is an indication of lower volatility and a possible breakout.
The RSI is at 47.27, just below the middle level at 50, reflecting weak momentum with a bullish bias. In the meantime, the MACD has just formed a bullish crossover, while the histogram is now green, reflecting early indications of a trend reversal.
However, the bullish catalyst will not be confirmed unless the price clears above the $3.45-$3.49 resistance level. Failure of support at $3.18 to hold may lead to further weakness. On balance, the market is indecisive, waiting for some catalyst to break the current congestion.
