- SUI saw a 66% spike in trading volume, reaching $2.1B, alongside a 12.5% daily price jump.
- Weekly chart shows bullish potential, but daily structure remains shaky below $3.12.
- Watch $2.08 and $1.71 for support; a flip of $3 to support could confirm the next leg up.
Sui [SUI] just made some serious noise. Its daily trading volume shot up by a solid 66%, landing at a whopping $2.1 billion. That’s not just pocket change. With a 12.55% gain in the last 24 hours, traders are definitely taking notice. But is this a real turnaround or just a flash in the pan?
Toward the end of 2024, SUI had a pretty decent rally, so analysts slapped on some Fibonacci retracement levels to get a clearer picture. One of those—the 78.6% level—sat right at $2.43, and on June 22, the price bounced right off it. Kinda textbook. Add Bitcoin’s bounce from $101k to $106k earlier this week, and suddenly it looks like SUI might be catching a second wind.
But let’s not get carried away just yet. The weekly A/D line is still making lower highs this year, and the Chaikin Money Flow (CMF) is down at -0.08, which isn’t exactly screaming “buy.” Sure, the Money Flow Index (MFI) looks a bit more bullish, hinting at some easing in sell pressure—but even that feels more like a whisper than a roar.
Daily Chart: A Closer Look (and a Few Red Flags)
Zoom in to the 1-day chart and things get a bit shakier. SUI lost its bullish structure early in June when it slipped below $3.12. That was kind of the line in the sand. Since then, the A/D line has been sliding, and the CMF has gone mostly flat—meaning not much real money is moving in or out. The MFI sitting around 30.5? Yeah, not great. That’s more bearish than bullish.
There are two major levels to keep an eye on. First, $2.08—an important support from March and April. And second, $1.71, which is the low from the weekly timeframe. If SUI drops below $1.71, that’s probably a sign the whole bullish structure is breaking down.
That said, if Bitcoin can keep hovering above $100k and general market vibes stay positive, SUI could bounce right back and retest $2.08—or maybe more.
What Needs to Happen for a Real Rally?
To turn things around, SUI needs more than just hope. Buyers need to step in hard, and flipping $3 from resistance into support would be a huge sign that the bulls are actually serious. If that happens—and Bitcoin holds its ground—then yeah, a fresh rally could be in the cards.
But until then? It’s still a little dicey.
