The SUI currency experienced
A turbulent trading window over 24 hours characterized by sharp intraday volatility and higher-than-usual trading activity.
After initially dropping to $2.71, the currency saw a brief rise towards $2.92 before facing strong resistance near $2.82, according to CoinDesk Research's technical analysis model. That area halted the recovery, leading to a quick reversal pulling prices back toward the $2.78-$2.79 area.
What made the move more noticeable was the accompanying rise in 24-hour trading volume, which increased by 11% above the 30-day average. This level of participation amplified volatility, with both bulls and bears experiencing rapid moves. The model indicated that rejection from $2.82 and the failed attempts to reclaim this level paved the way for more cautious trading in the near term.
Support around the $2.72-$2.75 area proved resilient, as the price bounced from this range multiple times. With volume decreasing and consolidation tightening, it may enter a waiting period as traders reassess the short-term trend after the failed breakout and unusually active session.
Key points of technical analysis
Traded in a range of 7.3% between $2.919 and $2.710 during the 24-hour window.
Heavy selling hit at 08:00 as the price dropped by 9.1% from $2.878 to $2.765.
An attempt to rebound around 18:00 led to a 1.5% increase to $2.824 with a volume of 1.4 million.
The rise was immediately reversed, with the price dropping to $2.784 and confirming resistance near $2.82.
Support held near the $2.72-$2.75 area despite multiple tests and consolidation throughout the session.
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