SUI Defends $3.30 as Bulls Eye $3.62 Breakout: Is the Rally Back On?

SUI traders are holding their breath as the token clings to the $3.30 support level—a make-or-break moment for the short-term bullish case.

With $3.62 looming as the next target, the question isn't just about technicals. It's about whether crypto's perennial 'buy the dip' crowd can outmuscle the usual suspects: profit-takers and those pesky 'macro concerns.'

No fancy indicators needed here. The playbook's simple: hold $3.30, and the path to $3.62 opens up. Lose it? Well, let's just say the 'long-term holders' will get another chance to practice their favorite mantra—'accumulation phase.'

Meanwhile, traditional finance guys are still trying to short Bitcoin with leverage. Some things never change.

• SUI experiences a 3.18% increase to $3.45, despite a 7.04% decrease in trading volume, which indicates a lack of confidence among traders.
• RSI at 46.01 and MACD bearish crossover indicate fading momentum and increasing downside risk.
• Bulls must defend $3.30 and aim for a weekly close above $3.580 to confirm a bullish market reversal.

SUI is currently trading at $3.45, representing an increase of 3.18% over the past day. In spite of this rise, the trading volume has gone down by 7.04%, ending up at $947.76 million in the same period. The presence of falling volume and rising price may suggest a weak Optimism on the part of traders.

Source: CoinMarketCap

Over the last week, sui has seen a significant drop in value of 10.31%. Despite showing signs of near-term recovery, this week is likely to reinforce the bearish mood. The market appears to be in a state of confusion, given that recent trading action has sent conflicting signals.

SUI holds $3.30 as Bulls Eye Break Above $3.580

In the weekly chart, a doji candle has been established. This normally is an indicator of market uncertainty. crypto analyst Crypto Jobs highlighted a bullish retest at the 50% Fibonacci retracement level. A bounce is still possible as SUI holds at $3.30. Bullish continuation would be confirmed on longer timeframes by a weekly close above $3.580.

The major levels of resistance are at $3.62, $3.86, $3.98, and $4.18. To allow further progress, these will have to be broken. Furthermore, three demand zones are present at $3.27, $3.10, and $2.92 on the downside. Any movement below the mark of $3.30 WOULD trigger a sentiment shift to bearish continuation.

Source: X

Momentum Weakens as RSI Falls Below 50

The RSI (Relative Strength Index) reading is 46.01, representing a decline compared to the preceding level of 51.85. This shift means the buyer’s power is decreasing. A figure less than 50 often shows a pattern of bearish momentum. Another decrease in the price can even take place in case the RSI does not rise. This is being watched carefully by traders to see any indication of a reversal.

There is also an indication of decline based on MACD (Moving Average Convergence Divergence) indicators. The signal line stands at 0.0577, with the MACD line standing at -0.0139. A bearish cross has already occurred. The histogram with the red bars also supports the continuing negative pattern. This trend favors sellers in the short term unless that changes.

Source: TradingView

Open Interest Rises as Volume Drops in SUI Futures

According to Coinglass data, trading decreased by 4.95%, totaling $4.47 billion. The open interest has grown by 1.40% and reached $1.85 billion. This increase implies an increase in the number of traders taking positions, although the volume is down. The OI-weighted funding rate is 0.0107 percent, which displays a slight bullish bias in futures markets.

Source: CoinGlass

The market is currently experiencing uncertainty. The price is rising, but volume and momentum remain weak. The RSI and the MACD indicators show caution. Bulls must keep the price above $3.30 to gain control and seek a weekly close above $3.580. SUI is at a critical zone until then, and upside and downside risks are still possible.