The price action of SUI on the daily chart shows a consolidation just below the resistance level of $3.50, which aligns with the VWAP and a previous structure reversal zone. This zone played a role as support in the past, but today it has become a support that the bulls need to advance.
The recent bounce around the short-term EMA group highlights an attempt at stabilization. However, the traction remains weak without a clear break above $3.50. According to CryptoPulse, an analyst from platform X, this area presents a possible accumulation zone, but only a confirmed break above $3.50 would validate a short-term bullish reversal.
The current structure shows lower highs forming after the rejection of $5.25. This means that the bulls are still regrouping under a critical ceiling. Surpassing $3.50 would open the way to $4 and eventually $5. Until then, the price movement remains neutral, reflecting the indecision between losing traction and the increasing strength of the ecosystem.
In summary, SUI continues to consolidate below a key resistance zone, with solid fundamentals supporting its long-term potential. However, the level of negative sentiment, the drop in open interest, and the inability to reclaim $3.50 suggest caution in the short term. A breakout could change the price direction, but until then, the market remains in a waiting phase.