SUI exhibits bullish momentum with its current price action forming a breakout above the $3.30 demand zone. Open interest has risen, signaling increased optimism in the derivatives market. Technical analysis suggests potential targets of $4.63 and $6 for SUI, supported by the ongoing breakout within a falling wedge pattern. 7
SUI’s position remains robust above the key support at the $3.30 level, with its ability to resist declining prices near the 50-day EMA acting as encouraging evidence.
However, sustained higher highs remain elusive, indicating some uncertainty about the direction of the price action. After a test of the $3.30 demand zone, SUI is now challenging the 50-day EMA at $3.38. SUI’s resistance trendline presents a hurdle to its upside progress, while the daily RSI has dipped below the overbought level, suggesting potential for short-term consolidation or retracement.