Market Overview for Sui/Tether (SUIUSDT): 24-Hour Action and Short-Term Setup

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• SUIUSDT opened at $3.3816, reached a high of $3.4402, and closed at $3.4000, with a 24-hour low of $3.2341.
• Price action shows a V-shaped recovery from a sharp early dip, with buying interest resuming around $3.30–$3.35.
• Volume spiked during the early morning (ET) selloff but remained mixed during the rally, suggesting participation varied.
• RSI and MACD turned positive in the final hours, signaling potential short-term momentum.
• Bollinger Bands widened significantly during the 24-hour period, indicating increased volatility.

Sui/Tether (SUIUSDT) opened at $3.3816 on 2025-09-23 at 12:00 ET and closed at $3.4000 on 2025-09-24 at 12:00 ET, with a high of $3.4402 and a low of $3.2341. Total volume for the 24-hour period was 10,068,467.5 units, while notional turnover reached $33,218,690.70, with significant swings from early sellers to late buyers.

The price structure over the past day was marked by a sharp selloff during the early hours of 2025-09-24, breaking below $3.30 and reaching a key psychological support near $3.275 before rebounding. This move created a bearish engulfing pattern at the early lows, followed by a bullish recovery with a hanging man at the bottom and a higher low forming at $3.275. Key support levels identified include $3.275, $3.330, and $3.350, while resistance levels appear at $3.390, $3.405, and $3.440. A bullish divergence in volume during the rebound suggests accumulation and potential follow-through.

The 20- and 50-period moving averages on the 15-minute chart converged below price, with both now moving into a more neutral alignment. On the daily chart, the 50- and 200-period MA crossover remains bearish, but the price is currently testing the 50 MA at $3.375, suggesting a potential turning point. The MACD crossed into positive territory in the final hours, confirming renewed bullish momentum, while the RSI rose from an oversold zone (below 30) into neutral territory (~45–50). This suggests the selloff may have exhausted its bearish potential for now.

Bollinger Bands expanded significantly during the 24-hour period, especially during the early selloff, with the price hitting the lower band at $3.2341. Since then, price has moved toward the middle band and is now hovering around the 3.4000 level, suggesting a possible consolidation phase. The width of the bands remains elevated, indicating high volatility, though the trend remains uncertain without a clear breakout. A move above $3.410 with increased volume would suggest a reversal is in play.

Fibonacci retracement levels applied to the key swing from $3.4402 to $3.2341 show that the current price near $3.4000 aligns with the 61.8% retracement level. This is a strong area to watch for a potential pullback or consolidation before further upside. On the 15-minute chart, the price is near the 38.2% retracement of the most recent bearish leg, indicating a possible short-term pivot.

Backtest Hypothesis: Based on the identified structure, a potential strategy is to go long on SUIUSDT when the price breaks above the $3.410 level with volume confirmation, and to short on a break below $3.350, using the 50-period moving average as a dynamic stop. A trailing stop could be placed at the 61.8% Fibonacci level (~$3.375). This setup would allow for participation in a potential short-term rally while managing risk on the downside. The MACD crossover and RSI re-entry above 50 provide additional confirmation for the long bias.