SUI Eyes $1.45 Retest Following Breakout: Will Bulls Defend Support?
2024-09-25

SUI is on the brink of a key moment as it prepares to retest the $1.45 level following a successful breakout. The recent surge has positioned the cryptocurrency for a crucial test, where the bulls must step in to defend this newfound support. With the breakout still fresh and momentum hanging in the balance, the battle between bulls and bears continues to intensify. Can the bulls maintain control and solidify $1.45 as a foundation for further gains, or will selling pressure push SUI back into retreat?
The aim of this analysis is to assess SUI’s potential as it approaches the critical retest of the $1.45 level after a strong breakout. We’ll explore the key technical signals, market sentiment, and the strength of bullish sentiment to determine whether the bulls can successfully defend this support.
Technical Analysis: Key Indicators Point To $1.45 Retest
Despite SUI’s price trading above the 100-day Simple Moving Average (SMA) on the 4-hour chart, the cryptocurrency is undergoing a noticeable pullback, aiming to retest the $1.45 level. This suggests that the recent bullish strength may be slowing down as traders reassess key support and resistance zones.
An analysis of the 4-hour Relative Strength Index (RSI) shows a potential price decline toward $1.45 as the RSI line is dropping from the overbought zone toward the 50% threshold, indicating that SUI’s upbeat momentum may be losing strength.
Also, on the daily chart, SUI is showing bearish momentum as it attempts to retest the $1.45 mark. There have not been any notable declines in the price since it broke above the 100-day SMA, which implies that a correction might be approaching.
Finally, on the 1-day chart, a closer analysis of the RSI signal line reveals a drop to 72% after previously peaking above 77%. This decline from overbought levels indicates that bullish momentum is waning, potentially signaling the beginning of a price consolidation or correction.
The Road Ahead: What A Successful Retest Could Mean For SUI
A successful retest of the $1.45 support level could mark a pivotal moment for SUI, potentially setting the stage for further upward movement. If the bulls manage to defend this key level, SUI may aim for higher resistance points, with targets like $2.18 and beyond coming into focus.
Related Reading: SUI Price Sits 40% Below All-Time High As TVL Approaches $1 Billion
However, should SUI fail to hold the $1.45 support level, it could trigger a deeper correction toward the next key support at $1.22. A breach of this level might signal a shift in the trend, possibly accelerating additional downside moves and completing a bearish reversal.
At the time of writing, SUI was trading at approximately $1.74, marking a 13.14% increase over the past 24 hours. The cryptocurrency’s market capitalization was around $4.6 billion, with trading volume exceeding $1 billion, reflecting increases of 13.14% and 70.81%, respectively.