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- $SUI must close above $4.30 to cancel the active TD Sequential sell signal.
- Open interest jumped to $1.61B, showing increased futures market participation despite a 1.55% price dip.
After $SUI confirmed a breakout above the neckline, bulls regained control following weeks of consolidation. This marked a significant shift in sentiment, as the move validated an Inverse Head & Shoulders pattern on the daily chart. Because this is what happened last, analysts pointed to a potential revisit of all-time highs if momentum continues. However, a new pattern has come into play promising more uptick despite the 1.55% dip.
$SUI Current Market Trajectory Revealed
Tracking the current market trend of $SUI, CoinMarketCap data indicates that the digital asset opened its market with a trading price value of $3.7987 during the Asian trading session. Notably, the asset fluctuated between a daily low of $3.71 and a high of $4.00.
A deeper analysis on its price trend as of latest indicates that $SUI is priced at $3.73 after dropping 1.55% over the last 24 hours. The token’s market cap stands at $12.47 billion with a 1.62% decline. Daily trading volume surged 91.35% to $1.65 billion, signaling higher activity. The price peaked above $4.00 before correcting downward.
The price rise is associated with more people opting to keep their futures on assets open. Reports have indicated that $SUI’s futures open interest climbed up to $1.61 billion on May 19.
Open interest surged significantly from April, exceeding previous monthly peaks. The chart indicates growing market participation and strong derivative activity around the current price zone.
$SUI Faces Technical Challenge As TD Sequential Sell Signal Active
According to analysis prepared by Ali Charts, $SUI continues to trade below a critical resistance level marked by the $4.30 price point. According to current chart data, the TD Sequential indicator has issued a sell signal. For this signal to be invalidated, the token must close decisively above $4.30 on the daily timeframe.
This resistance level is acting as a crucial barrier against further upward price action. It is notable that $SUI reached $4.30 on May 15 before dropping 2.46% to $3.75 the following day. The 9-count green candlestick from the TD Sequential indicated trend exhaustion near the $4.30 resistance zone. Fibonacci levels show key retracement zones at $2.77, $3.36, and $4.30, with $3.36 now acting as support.
The TD Sequential is a technical tool used to track price exhaustion across timeframes. It has currently marked a sell setup on $SUI. The signal remains active unless the asset records a confirmed breakout above $4.30. $SUI’s price fluctuations remain constrained within a tight range below the resistance level. As of now, no breakout has occurred to signal a reversal of the indicator’s sell condition.