a stronger rally towards the $2 mark may follow.
At the end of the first quarter of 2024, SUI reached a peak of $2.18, marking an impressive gain of over 485% from the last quarter of 2023. This delighted its investors. However, under the change of circumstances, many investors took profits starting second quarter. The fall aligned with broader market sentiment, which led to increased bearishness and significant red candles on the daily chart.
In mid-April of the second quarter, the price attempted to rally and shift momentum but failed, resulting in a series of lower lows within a narrowing wedge. However, by August 5th, the momentum in the third quarter of 2024 succeeded in reversing the trend.
As of now, SUI is trading at $1.0375 and has formed a pullback. If it crosses the upper edge of the horizontal range, a change in character could boost confidence.
Key levels to watch include potential resistance around the $1.20 mark, which could challenge further gains. If the price breaks past this level, a stronger rally towards the $2 mark may follow.
On the downside, the $0.77 level is acting as support. A drop below this could signal a possible reversal to $0.63 or a consolidation phase.
In mid-April of the second quarter, the price attempted to rally and shift momentum but failed, resulting in a series of lower lows within a narrowing wedge. However, by August 5th, the momentum in the third quarter of 2024 succeeded in reversing the trend.
As of now, SUI is trading at $1.0375 and has formed a pullback. If it crosses the upper edge of the horizontal range, a change in character could boost confidence.
Key levels to watch include potential resistance around the $1.20 mark, which could challenge further gains. If the price breaks past this level, a stronger rally towards the $2 mark may follow.
On the downside, the $0.77 level is acting as support. A drop below this could signal a possible reversal to $0.63 or a consolidation phase.
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