SUI Eyes Reversal but Faces Key Resistance at $2.52
Key Takeaways
- SUI is showing a potential bullish reversal signal through an “Inverse Head and Shoulders” pattern.
- A breakout above the USD 2.52 level is crucial for a trend reversal.
- However, sellers still dominate for now – the price currently sits at USD 2.22.
- Liquidation and funding data suggest short-term weakness among the bulls.
Technical Situation: Reversal Pattern with Obstacles
The SUI token is in an intriguing technical phase. On the daily chart, an “Inverse Head and Shoulders” pattern is forming – a classic signal indicating a potential trend reversal after a downward move. The left and right shoulders are near the USD 2.25 level, while the head was formed around USD 2.20. This zone currently acts as strong support.
Despite this formation, the price has not managed to break through the key resistance level at USD 2.52. This level represents the so-called “neckline” of the pattern. A sustained breakout above it would be a strong signal for a bullish trend reversal. Until that breakout occurs, the technical picture remains fragile.
Market Data: Momentum Remains Weak
At the time of analysis, SUI was trading at USD 2.22 – a decline of 8.73% within 24 hours. The MACD (Moving Average Convergence Divergence), an indicator used to identify trends, is beginning to turn upward slightly, but still remains in negative territory. This points to weak momentum.
Additionally, the Fibonacci analysis indicates a key support zone between USD 2.16 and USD 2.22. If this zone fails to hold, the price could fall further toward the next technical target of USD 1.42. This level corresponds to the 1.618 Fibonacci extension – a commonly used target in strong downward movements.
Liquidations: Bulls Under Pressure
A look at the liquidation data from April 3 reveals a clear imbalance: Long positions worth USD 1.92 million were liquidated, while short positions only amounted to USD 675,780. This suggests that many traders were betting on rising prices but were forced out of the market due to the price drop.
This “cleansing” may have a short-term negative impact but also creates space for new market participants with more stable positions. It remains to be seen whether this can lead to new upward momentum.
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Funding Rate: Caution Prevails
The funding rate – a mechanism that balances long and short positions in the futures market – was recently at -0.0056%. This slightly negative value indicates that short positions currently dominate. Traders are therefore more likely to pay to bet on falling prices.
At the same time, the rate is close to neutral territory. This suggests a wait-and-see attitude in the market. Many participants appear to be waiting for a clear move – either a breakout above USD 2.52 or a break of the support at USD 2.16.
Our Assessment
SUI is at a critical juncture. The technical formation points to a potential trend reversal, but the market has yet to confirm it. The resistance at USD 2.52 remains the key level. Without a clear breakout above it, the risk of further price losses remains high.
Traders should closely monitor the support zone between USD 2.16 and USD 2.22. A break below this area could open the path toward USD 1.42. Only if SUI overcomes this crucial hurdle can a true trend reversal be confirmed.
Sources
- TradingView
- Coinglass
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