SUI's impressive bullish momentum seems to be waning as technical indicators point to a potential cooldown. The Relative Strength Index (RSI) signals overbought conditions, raising concerns about the rally's sustainability. The $1.4 level is now crucial as cooling strength suggests a possible pullback, presenting a critical moment for SUI amid market pressure.
Despite trading above the 100-day Simple Moving Average (SMA) on the 4-hour chart, SUI is experiencing a noticeable pullback, aiming to retest the $1.4 level. This suggests that recent bullish pressure may be diminishing as traders reassess key support and resistance zones. The 4-hour RSI indicates a potential drop towards $1.4, moving from the overbought zone toward the 50% threshold.
On the daily chart, SUI exhibits bearish sentiment while it attempts to retest the $1.4 mark. Since breaking above the 100-day SMA, the price has trended upward consistently without significant pullbacks, hinting at a possible correction. A detailed analysis of the 1-day RSI shows it has surpassed 50% and is at 82%, raising concerns about overbought conditions.
As SUI approaches the crucial $1.4 level, traders should be watchful. A breach below this point could signal a move toward the $1.16 support level. If the price falls below $1.16, it may decline further to $0.8690 or lower. However, a strong rebound at $1.4 could see the price rise again toward its all-time high of $2.18, potentially leading to a new high.
At the time of writing, SUI traded at approximately $1.55, marking a 5.99% increase in the past 24 hours. The market capitalization was around $4.1 billion, with a trading volume of over $964 million, reflecting increases of 5.64% and 151.91%, respectively.
