After a strong rally in September when the SUI price pumped over 100%, it has now cooled off in the $1.6-1.8 range.
SUI is currently trading around $1.71 after taking a 2.5% dip today. However, one of the most popular crypto analysts, Michaël van de Poppe, has posted a viral tweet about when to buy SUI.
Technical Analysis of SUI
Van de Poppe’s analysis focuses on the 4-hour timeframe for the SUI/USDT pair on Binance. The SUI price is fluctuating near a local high after a strong upward rally.
The Relative Strength Index (RSI) at the top of the chart is showing bearish divergence. This occurs when the price makes higher highs while the RSI indicator makes lower highs, signaling a potential weakening of upward momentum and a possible SUI price drop or correction.
The chart highlights two potential entry zones for traders. An aggressive entry zone between $1.50 and $1.60 suggests that traders with a higher risk tolerance could consider entering positions here. This area has been marked as a potential support, located around previous consolidation areas.
A more conservative entry zone is identified between $1.30 and $1.40. This lower area may serve as a stronger support level, given that it coincides with earlier resistance levels that were broken and turned into support. This could represent a safer entry point for traders looking for a higher probability setup.
Read also: Bittensor Price Surges: How High Can TAO Go? Key Levels To Watch
Volume and SUI Price Action
The volume shows a surge during the initial price rise and begins to taper off as the price consolidates near the high. Decreasing volume during consolidation can often signal that a breakout or breakdown is imminent.
Based on the price action, SUI appears to be in the midst of a bearish pullback following a local high. The price seems to have broken from its upward momentum, showing a pullback that might soon enter the aggressive entry zone.
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Show more +Key Levels to Watch
The chart indicates a possible resistance around the $2.00 mark, where the price previously faced rejection. Breaking through this level could potentially send the price towards its all-time high (ATH) of $2.18.
Support levels to watch include the $1.60 level (aggressive entry zone) and $1.40 (conservative zone). If the price fails to hold the $1.40 support zone, it could experience further downside pressure, potentially testing even lower levels.
SUI Price Prediction
In his tweet, Van de Poppe suggests that there may be better expected value (EV) opportunities in other assets, implying that while SUI has potential, there might be higher-probability trades elsewhere in the short term.
He distinguishes between aggressive and conservative entry strategies, with the $1.50-$1.60 zone for aggressive traders willing to enter on a slight pullback, and the $1.30-$1.40 zone for more conservative traders who prefer a deeper retracement before entering.
The main target mentioned is new all-time highs, specifically $2.18. Once the price clears the local resistance, traders are anticipating a move back to these highs.
Notably, Van de Poppe mentions SUI’s potential to reach the top 10 by the end of the cycle, indicating bullish sentiment and an expectation that SUI will outperform many other assets in the current market cycle.
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