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If history repeats, this means that SUI could rise to more than $12 per token over the next 3 to 6 months.
However, as we highlighted in a previous article, SUI needs a key break above $3.5 to keep this rally going and, thus far, the selling pressure has been strong enough to keep it below that marker.
In fact, this price level has now turned into the third most heavily traded area this year as per SUI’s volume profile. This indicates that there is a tug of war raging but bulls have won the fight thus far as indicated by the significant upper tail that the price action has left behind in the past 10 sessions.
Momentum indicators have turned bearish lately as well as the MACD’s histogram has been trending lower in the past 9 days while the Relative Strength Index (RSI) seems ready for a correction after it crossed below the 14-day SMA.
This week’s outlook seems bearish for SUI despite today’s climb as the price has rejected a move above the $3.50 level. The most relevant supports to watch are the 21-day and 200-day EMAs as a break below these areas will invalidate our bullish outlook for the token.
However, if the price bounces strongly off these levels, there will be little obstacle for SUI to jump to $5 in the next few days.
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