SUI Jumps 37% in a Week, but Profit-Taking Puts $2 Support at Risk
SUI surged 37% weekly, but rising profit-taking risks the critical $2.00 support level.Summary
The SUI price has recently jumped nearly 37% over seven days, recovering from weeks of sideways movement, though it remains significantly down year-over-year. This rally is supported by technical factors, including the formation of a triple bottom near $1.30 and SUI reclaiming the 100-period EMA on the 12-hour chart, with a bullish EMA crossover potentially forming. However, momentum indicators like the RSI show a hidden bearish divergence, suggesting weakening momentum, and on-chain data indicates a sharp shift toward selling pressure with increased token inflows to exchanges, signaling profit booking.
The immediate future of the rally hinges on key price levels. For the bullish trend to continue, SUI must achieve a clean daily close above the $2.00 psychological resistance level, which also aligns with the 200-period EMA. Holding above $2.00 would invalidate the bearish divergence risk and could target $2.15. Conversely, if selling pressure causes the price to fail below $1.95, a pullback toward the $1.70 support, or even the foundational $1.30 triple bottom support, becomes likely.
(Source：BeInCrypto)