SUI has maintained a crucial support level, sparking optimism among traders. According to analyst Cilinix Crypto, the token is showing signs of strength after defending a key range. Market movements indicate a potential push toward $3.50, though a breakout remains uncertain.
Two days ago, SUI dropped to a critical support zone between $2.95 and $3.00. The analyst stressed the importance of this level in maintaining the market structure. A breakdown could have triggered a decline toward $2.40 – $2.20, representing a 30-35% drop.
However, SUI held firm and even broke above $3.16, signaling a possible move to the top of its trading range near $3.65. Since February 2, the token has been consolidating between $2.95 and $3.65, forming a predictable structure for traders.
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SUI’s Bullish Momentum and Trading Strategy
The analyst revealed that he initially anticipated SUI to hold support but refrained from trading. He later took a long position after the price crossed $3.16. However, he exited at entry due to market uncertainty. Some of his trading group members held onto their positions and are now in profit.
Despite SUI’s resilience, the market remains cautious. The expert pointed out that while price action is bullish, volume levels have not surged significantly. Stable trading volume suggests sustained price action, but a breakout would require higher participation.
The analyst expects SUI to climb toward $3.50 – $3.55 in the short term. However, a strong breakout above $3.65 appears unlikely due to weak TVL and DEX trading volumes. The broader crypto market, including Bitcoin, has been sluggish lately, reducing the likelihood of an immediate breakout.
A move beyond the current levels is inevitable, but market conditions are not yet favorable. The analyst emphasized that traders should watch for further developments in TVL and volume before expecting a push higher.
SUI Potential Shorting Opportunity at Resistance
If SUI reaches the $3.50 – $3.65 range, the analyst sees a strong shorting opportunity. The market could reject at this level, leading to a retracement toward $3.00 – $3.15. Traders looking for short positions may find this zone attractive.
Overall, SUI remains highly tradable due to its well-defined range. The analyst believes the token’s structure makes it appealing for long and short trades. If market conditions improve, an earlier breakout remains possible.
According to CoinGecko, SUI trades at $3.43, at publication. The token has a 6.57% increase in the last day. However, it has declined 1.64% over the past week.
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