SUI Near Trendline Support as Analysts Expect V-Shaped Recovery

• Analysts note that SUI remains near weekly trendline support, with intraday dips showing a test of bullish momentum and potential recovery.
• Technical analysis shows SUI retraced to its trendline after surging past $4.50, setting the stage for a V-shaped recovery if resistance holds.
• Indicators, including the 50 EMA and stochastic RSI, confirm oversold conditions, while high trading volume supports monitoring SUI’s potential for bullish activity.

Technical analysis shows that Sui ($SUI) remains close to its key weekly trendline support as it heads for double digits. The asset may see a quick V-shaped recovery following a confirmed breakout above resistance.

Trendline and Breakout Analysis

Analysts have drawn a long-term trendline that connects multiple previous highs. This trendline has served as resistance in past sessions. The price broke above the trendline around late 2024. It then surged above $4.50 before retracing to test support.

A tweet from crypto analyst Mags @thescalpingpro noted that $SUI is near double digits. The asset trades just below the weekly trendline support it broke weeks ago. No weekly candle has closed below the level; only intraday dips occur. Traders view the behavior as a test of bullish strength.

Analysts note that a close above the trendline may trigger a rapid price recovery. A red arrow projection suggests price may target levels near $7. This breakout may renew bullish market sentiment.

Technical Support and Momentum

Price action shows a wick that dips below the trendline but closes above support. This pattern may indicate a liquidity grab or stop hunt. The price action maintains a clear retest area. 

Dynamic support is seen at the 50 EMA near $2.4877. The asset remains above this level despite recent declines. The stochastic RSI reads 5.65 and 6.92, indicating deep oversold conditions. These indicators offer a basis for monitoring market momentum.

Source : TradingView

Technical indicators offer clear trading signals for $SUI. Market watchers monitor both support levels and momentum for guidance. The combination of EMA and stochastic RSI provides a strong technical framework.

Market Trends and Volume

Recent price action shows a sharp spike followed by a strong uptrend and retracement. The asset reached a peak above $5.50 before falling to test support. A weekly candle fell 11.94% during a bearish session.

The asset trades at $2.82 with a 24-hour volume of over $2.19 billion at the time of writing. The price increased 5.72% in the last 24 hours and 7.84% in the past week.

Price retracements and sharp spikes form key elements in $SUI price action . Volume trends support ongoing market activity. Technical analysis suggests that $SUI remains in a critical test phase. Traders await a confirmed close above the trendline to support a bullish move. Price action, volume, and momentum indicators continue to guide market decisions.