SUI has rallied nearly 14% in 24 hours, pushing the token back toward the $0.95-$1.05 supply zone. Traders now watch whether the level finally breaks, since a false breakout already burned buyers there in May.
SUI has gained 30.2% over the past week, with some analysts attributing the move to capital rotating into Layer 1 tokens. Daily trading volume surged 26% alongside the price move, while open interest climbed nearly 21%, a sign bullish momentum could continue.
The $1.05 zone has rejected SUI before
In August, SUI rallied from $0.635 to $0.954, a 50.14% move in under five days. The token then retraced as deep as $0.673, just below the 78.6% Fibonacci retracement level, before recovering to knock on the $0.954 swing high again.
That August rally ended a consolidation phase around $0.70 that had run since June. Traders are now eyeing $1.03 and $1.15 as technical price targets, and the $0.85 supply zone barely slowed the advance. However, a false breakout past the $1.05 supply zone already happened once, in May, and an unexpected market-wide sell-off could spark a repeat.
Overbought signals call for caution
On the four-hour chart, technical indicators stayed firmly bullish after the bounce off the 78.6% retracement level. The RSI sat in overbought territory, a minor warning of overextended conditions on that timeframe.
The $0.95-$1.05 band remains the vital zone. If demand and market-wide enthusiasm hold, SUI could push through and extend its rally. Until a confirmed break above $1.05 and a retest of $0.95-$1.05 as support occur, some traders are choosing to take partial profits and wait for the next move.
Source: AMBCrypto
Trading involves risk.
Risk Disclaimer
