SUI is now 'overbought': When will a pullback occur?
SUI has finally broken through the multi-month triangle pattern that has constrained its price since early 2024.
After recently breaking through $3.60, the price surged 12.8%, nearing the 0.786 Fibonacci retracement level. This breakout signals a potential reversal and an increase in bullish confidence.
As of the time of writing, SUI is trading at $4, currently hovering near a historical supply zone. Confirmation from spot and derivatives indicators suggests that this breakout seems to be supported by fundamentals.
However, traders must assess on-chain activity and resistance levels to determine whether momentum can be sustained.
After recently breaking through $3.60, the price surged 12.8%, nearing the 0.786 Fibonacci retracement level. This breakout signals a potential reversal and an increase in bullish confidence.
As of the time of writing, SUI is trading at $4, currently hovering near a historical supply zone. Confirmation from spot and derivatives indicators suggests that this breakout seems to be supported by fundamentals.
However, traders must assess on-chain activity and resistance levels to determine whether momentum can be sustained.
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SUI
3.5224
+2.75%
