SUI (SUI) token experienced a breakout after being trapped below a resistance level near $1 at the end of December and beginning of January. Technical analysis indicates a strong upward trend, but indicators suggest a potential near-term pullback.
At the time of writing, SUI’s price was trading at $1.40, reflecting an 8% increase in 24 hours, surpassing the $1.245 resistance level that had been in place since May 2023, signaling a bullish sentiment.
The On-Balance Volume (OBV) indicator confirmed the uptrend, showing strong momentum over the past six weeks. However, the Relative Strength Index (RSI) was above 68, indicating overbought conditions which could hint at a possible retracement, despite not being a definitive sign.
Critical support levels, according to Fibonacci, are at $1.02 and $0.94. The latter, a former resistance turned support level from before June 2023, is significant, as is the psychological $1 level for bullish defense.
Recent Coinalyze data showed a slight bearish sentiment in the last 24 hours, with Open Interest dropping from $185 million to $157.4 million. Charts suggest cautious futures traders are waiting for the next level to enter the market despite the price exceeding $1.4. The Spot Cumulative Volume Delta (CVD) indicates a balance between buyers and sellers, but a shift towards sellers could lead to a price decline.
