SUI is currently perched on a critical support area on the higher timeframes, and all signs point to an impending decisive move. This zone is supported by multiple high-confluence indicators—including the VWAP’s point of control, daily support, and weekly support—making it a high-probability region for a potential reversal or continuation setup.
Over the past several sessions, SUI has shown a gradual loss in bearish momentum. While the price structure has continued forming lower highs and lower lows, the pace of decline is clearly diminishing. At the same time, trading volume has been steadily contracting, a classic signal of market compression. This tightening range is often a precursor to expansion, where the market breaks decisively in one direction.
At this point, the market appears to be in a state of balance between buyers and sellers. The reaction to this support zone will likely determine the next significant leg for SUI.
- **High Confluence Support:** The alignment of VWAP POC, daily, and weekly support levels creates a strong foundation that buyers have consistently respected.
- **Loss of Downward Momentum:** Slowing price action and falling volume suggest potential accumulation or preparation for a move.
- **Breakout Confirmation Required:** A confirmed breakout above the local range high, supported by rising volume, is essential to validate a bullish reversal. Until then, the risk of further downside remains.
If bulls manage to defend this zone once more and reclaim the local range high with conviction, SUI could form a textbook high timeframe double bottom—potentially setting the stage for a significant reversal. Traders should closely watch how price behaves at these levels, as the outcome will likely shape SUI’s next directional phase.
Over the past several sessions, SUI has shown a gradual loss in bearish momentum. While the price structure has continued forming lower highs and lower lows, the pace of decline is clearly diminishing. At the same time, trading volume has been steadily contracting, a classic signal of market compression. This tightening range is often a precursor to expansion, where the market breaks decisively in one direction.
At this point, the market appears to be in a state of balance between buyers and sellers. The reaction to this support zone will likely determine the next significant leg for SUI.
- **High Confluence Support:** The alignment of VWAP POC, daily, and weekly support levels creates a strong foundation that buyers have consistently respected.
- **Loss of Downward Momentum:** Slowing price action and falling volume suggest potential accumulation or preparation for a move.
- **Breakout Confirmation Required:** A confirmed breakout above the local range high, supported by rising volume, is essential to validate a bullish reversal. Until then, the risk of further downside remains.
If bulls manage to defend this zone once more and reclaim the local range high with conviction, SUI could form a textbook high timeframe double bottom—potentially setting the stage for a significant reversal. Traders should closely watch how price behaves at these levels, as the outcome will likely shape SUI’s next directional phase.
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Free Alpha Group t.me/freetradingden
Unlock up-to $8,000 USDT in bonuses, only at Blofin - Link Below to start Trading.
partner.blofin.com/d/alchemisttrader
Unlock up-to $8,000 USDT in bonuses, only at Blofin - Link Below to start Trading.
partner.blofin.com/d/alchemisttrader
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.