SUI Trapped in Symmetrical Wedge as Price Dips 2.2% to $3.41

SUI remains confined within a symmetrical wedge pattern as price consolidates between $3.39 support and $3.59 resistance. The asset has been trading at $3.41, marking a 2.2% decline over the past 24 hours, according to the latest chart data from Binance's weekly timeframe [1]. The pattern has shown consistent containment, with candlesticks respecting both upper and lower trendlines, reflecting a narrowing of volatility and a tightening price range [1].

The wedge suggests a period of consolidation, with the price nearing the upper boundary but failing to confirm a breakout. Traders are observing repeated rejections near $3.59, indicating that sellers are active at this resistance level. Meanwhile, support at $3.39 has remained firm despite reduced volatility and tighter candle formations [1]. The current structure shows no clear directional bias, but pressure is building near the upper trendline as buyers continue to test the resistance.

Volume remains subdued, which suggests a lack of strong conviction from either buyers or sellers. This subdued volume contrasts with prior movements where the upper trendline repeatedly repelled bullish advances [1]. Market participants are closely watching whether either side will ultimately force a breakout, as the narrow price corridor continues to define SUI’s short-term trajectory.

Despite recent price weakness, buyers have shown moderate strength following a rebound from the $3.00 level several weeks ago. However, the repeated failures to break above $3.59 underline the significance of this resistance. The tight wedge pattern, therefore, remains a key focal point for near-term price action, with both support and resistance levels reinforcing the current indecisive market sentiment [1].

SUI’s historical price movements align with the ongoing wedge development, with each leg of the formation tied to notable price swings. This extended consolidation reflects broader market uncertainty and highlights the need for a decisive move to break the current equilibrium [1].

Source: [1] SUI Consolidates in Symmetrical Wedge With Price Range Bound Between $3.39 and $3.59 (https://cryptofrontnews.com/sui-consolidates-in-symmetrical-wedge-with-price-range-bound-between-3-39-and-3-59/)