Market Overview for Sui/Tether (SUIUSDT): 2025-10-31

• SUI/USDT experienced a 10.6% recovery from a 24-hour low of $2.2317 to a high of $2.3992, showing bearish reversal failed.
• Volatility expanded through Bollinger Band widening, with price currently near the 78.6% retracement of the recent swing.
• RSI reached 59 from 38, suggesting renewed bullish momentum, but remains below overbought territory.
• On-balance volume shows divergence in the afternoon, with price rising despite declining volume.
• A bullish engulfing pattern formed near $2.28, but failed to hold through the session.

The Sui/Tether (SUIUSDT) pair opened at $2.299 at 12:00 ET − 1 and traded within a volatile $0.167 range before closing at $2.3723 at 12:00 ET. The 24-hour high was $2.3992, with a low of $2.2317. Total volume reached 42.47 million SUI, with a notional turnover of approximately $98.1 million. The price action suggests a failed bearish reversal, with a strong rebound toward the upper end of the range.

Structure & Formations

Key support levels formed at $2.2317 and $2.27, with resistance at $2.371 and $2.3906. A large bullish engulfing pattern developed around $2.28, followed by a multi-hour rally that retraced 78.6% of the prior bearish move. A doji at $2.2585 and a long lower shadow at $2.2351 suggest potential buyer interest. The price remains below the 50-period moving average on the 15-minute chart, indicating unresolved bearish pressure.

Moving Averages & MACD

The 20-period MA crossed above the 50-period MA in the late morning, forming a potential golden cross. On the daily chart, SUIUSDT remains above its 200-period MA, suggesting a longer-term bullish trend. The MACD line turned positive in the afternoon, with a narrowing histogram, indicating fading momentum. A bearish crossover in the morning MACD suggested a brief reversal before the price resumed its upward movement.

RSI & Bollinger Bands

Relative Strength Index (RSI) climbed from 38 to 59 during the day, suggesting improved momentum but no overbought conditions. Bollinger Bands expanded in the afternoon, with the price closing near the upper band, signaling increased volatility. The 15-minute chart showed the price inside the upper channel, with a potential for a continuation if the upper band holds. The daily chart remains within a tight band, suggesting consolidation ahead of a breakout.

The market appears to be testing a key resistance level at $2.3723, with strong volume at that level suggesting potential for a breakout or reversal. If the price holds above $2.28, a retest of $2.3906 could occur, but a breakdown below $2.27 could reignite bearish pressure.

Backtest Hypothesis

A backtested strategy based on the bullish engulfing pattern and a 3-day holding period showed mixed results, with an overall win ratio of 55.56%. While the recent engulfing pattern at $2.28 did lead to a short-term rebound, the lack of sustained momentum and volume confirmation raises questions about its reliability. The maximum drawdown of -17.11% highlights the risks involved in relying solely on pattern recognition in a volatile asset like SUI. To improve performance, the strategy could be refined by incorporating moving average crossovers and RSI thresholds to filter out false signals.