š§$SUI Battles $4.30 Barrier as TD Sequential Flashes Sell Setup
After SUI confirmed a breakout above the neckline, bulls regained control following weeks of consolidation. This marked a significant shift in sentiment, as the move validated an Inverse Head & Shoulders pattern on the daily chart. Because this is what happened last, analysts pointed to a potential revisit of all-time highs if momentum continues. However, a new pattern has come into play promising more uptick despite the 1.55% dip.
šø SUI Current Market Trajectory Revealed
Tracking the current market trend of SUI, CoinMarketCap data indicates that the digital asset opened its market with a trading price value of $3.7987 during the Asian trading session. Notably, the asset fluctuated between a daily low of $3.71 and a high of $4.00.
A deeper analysis on its price trend as of latest indicates that SUI is priced at $3.73 after dropping 1.55% over the last 24 hours. The tokenās market cap stands at $12.47 billion with a 1.62% decline. Daily trading volume surged 91.35% to $1.65 billion, signaling higher activity. The price peaked above $4.00 before correcting downward.
The price rise is associated with more people opting to keep their futures on assets open. Reports have indicated that SUIās futures open interest climbed up to $1.61 billion on May 19.
Open interest surged significantly from April, exceeding previous monthly peaks. The chart indicates growing market participation and strong derivative activity around the current price zone.
šø SUI Faces Technical Challenge As TD Sequential Sell Signal Active
According to analysis prepared by Ali Charts, SUI continues to trade below a critical resistance level marked by the $4.30 price point. According to current chart data, the TD Sequential indicator has issued a sell signal. For this signal to be invalidated, the token must close decisively above $4.30 on the daily timeframe.
This resistance level is acting as a crucial barrier against further upward price action.