๐ $SUI /USDT 4H Chart Analysis - May 5, 2025 ๐
๐ SUI/USDT on Binance is showing a dynamic trend on the 4-hour chart, currently trading at $3.3772 (+2.76% in 24H). Letโs break it down!
๐น Price Action: SUI experienced a massive rally from mid-April, surging from around $2.0000 to a peak near $4.0000 by late Aprilโa gain of nearly 100% in just over a week! However, a correction followed, with the price dropping to a 24H low of $3.1566 before recovering to $3.3772.
The latest green candle suggests buyers are stepping back in.
๐ Volume: The rally was backed by a significant volume spike, peaking around April 25, indicating strong buying interest. The correction saw reduced volume, which might suggest profit-taking rather than a full bearish reversal.
Current 24H volume is 57.24M SUI (187.70M USDT), reflecting decent trading activity.
๐ Technical View:
SMA: The price remains above the SMA, which has acted as dynamic support during the uptrend. The recent dip tested the SMA but didnโt break below it, a bullish sign.
Support/Resistance: Immediate support is at $3.1566 (24H low), with further support near $3.0000. Resistance lies at $3.5000 and the recent high of $3.4118.
Candles: The peak showed a long upper wick (rejection), followed by a series of red candles during the correction. The latest green candle hints at a potential bounce.
๐ Sentiment: SUI has been on a strong uptrend, up 48.64% in 30 days, 67.44% in 90 days, and a whopping 211.87% over the past year. However, itโs down 6.79% in the last 7 days due to the recent correction. The broader trend remains bullish, but short-term volatility is evident.
๐ฎ Whatโs Next?
Bullish: A break above $3.4118 with volume could push SUI toward $3.5000 or even retest $4.0000.
Bearish: A drop below $3.1566 might lead to a retest of $3.0000, especially if selling pressure increases.
