On-chain trading volume hides secrets, is the giant whale at $SUI quietly building its position?
The current key support for SUI is around 3.45, with a resistance level at 4.18. From a technical perspective, the moving averages are in a bearish arrangement with decreasing trading volume, and the MACD death cross signal is clear, indicating a significant short-term weakness. However, after unlocking $168 million on August 1, the price did not drop significantly, showing that the selling pressure has been absorbed by the market.
On-chain data shows that trading volume remains stable at around 300 million, with no signs of large-scale selling by whales.
In terms of news, the launch of stablecoins in Wyoming and the increased probability of ETF approvals are long-term positives, but short-term attention should be paid to the effectiveness of the 3.45 support level. If it breaks, it could trigger stop-loss orders leading to further declines towards the $3.0 region.
In terms of operations, it is recommended to gradually try going long in small positions near 3.45, with a stop loss set at 3.30 and a target at the 4.0 resistance level.
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