if buying interest increases, a pullback could formOver the past three months, SUI's price surged by over 400%, climbing from a low of $0.4623 to $2.3661 by October 13, 2024. This rally began with a breakout from a falling wedge pattern in August, followed by a strong consolidation around the $1 mark. This set the stage for a significant upward move.
In October, SUI reached a new yearly all-time high (ATH). However, concerns for the unlock event caused market jitters about ten days before the event. Consequently, the price retraced nearly 30% from its new highs. On the day of the unlock event, October 23, 2024, further pessimism drove the price below the 20-day EMA band.
Currently, SUI is resting near the 50-day EMA, which serves as a dynamic support level. Despite the strong sell-off pressure, the decline has been relatively modest compared to the robust bull run in October.
The higher highs established over the past 90 days indicate that the bullish trend remains intact, despite the recent pullback.
However, this bullish trend could be compromised if SUI breaks below the 50-day EMA and $1.6009, followed by continued selling pressure.
On the other hand, if buying interest increases, a pullback could form, potentially retesting the recent ATH. Confidence in the bullish trend would be reinforced if the price surpasses the $2.3661 mark.
