SUI Holds Above $2.93 Support Despite 3.7% Decline

SUI, a prominent digital asset, has been maintaining a stable price above its key support level at $2.93, forming higher lows and signaling a potential base for recovery. This consolidation phase has been marked by repeated retests of the support level, with each retest resulting in a bounce, reinforcing the significance of this horizontal level. The asset is currently trading at $2.92 following a 3.7% 24-hour decline, but the broader technical outlook suggests a potential recovery zone with projected resistance at $3.08.

The chart setup indicates a pre-breakout structure that could define SUI’s near-term trajectory. As price compression continues, market participants are closely watching its reaction to this range. A breakout confirmation above $3.08 could trigger a bullish structure with staged resistance aligned with April’s high-volume zones. This would potentially validate the formation of a bullish reversal pattern, with price targets above $3.88 and $4.56 visually marked on the chart. These projections represent Fibonacci-based zones that align with prior high-volume zones observed in late April.

The broader 4-hour chart structure suggests an impulsive price route once the consolidation breaks. A mapped trajectory shows a staged recovery through $3.88, with a continuation zone near $4.56. The stop-loss box area appears around $2.02, offering a reference for invalidation in case of trend failure. Volume trends remain low but stable, further reinforcing the coiling structure seen in early July. Market watchers are tracking whether momentum builds above the marked trigger line.

Technical indicators for SUI show neutral momentum. The Relative Strength Index (RSI) is currently trading at 53.84, indicating neither overbought nor oversold momentum. The Moving Average Convergence Divergence (MACD) line is trading above the signal line, indicating negative momentum. However, the positive and expanding histogram suggests growing momentum. Notably, today’s volume surpassed the daily average, hinting at increased buying interest and possibly larger accumulation trends.

Despite the neutral momentum on the RSI, the increasing volume and expanding MACD histogram suggest accumulation and rising buying pressure. This technical setup indicates that SUI is poised for a potential rally if it can break above the $3.08 resistance level. The asset’s ability to maintain support at $2.93 and form higher lows further supports the bullish outlook. If the breakout occurs, market participants can expect a staged recovery with resistance levels at $3.88 and $4.56, aligning with Fibonacci-based zones and prior high-volume areas.