- Sui had differing structures on the daily and weekly charts.
- The demand for the token remained weak, and a rally could be unlikely until this changed.
Sui [SUI] saw a large increase in its daily trading volume, measuring a 66% hike. The daily trading volume was a healthy $2.1 billion at the time of writing, coming at a time when SUI gained 12.55% within the past 24 hours.
Source: SUI/USDT on TradingView
Based on the rally toward the end of 2024, a set of Fibonacci retracement levels was plotted (yellow). The 78.6% level was at $2.43 and had been perfectly retested on the 22nd of June. It acted as a support.
Combined with the Bitcoin [BTC] bounce from $101k to $106k on Monday, the Sui recovery could be underway.
However, it was too early to tell. On the 1-week timeframe, the A/D indicator has made a series of lower highs in 2025, signaling persistent selling pressure. The CMF was at -0.08 and showed sizeable capital outflow.
The MFI remained bullish despite the past month’s pullback. This hinted at reduced selling volume, a trend that was confirmed by the below-average weekly trading volume bars.
The weekly market structure was bullish following a structure break (cyan) in early May.
Does the 1-day chart agree?
Source: SUI/USDT on TradingView
The daily chart showed a bearish structure for SUI after it fell below $3.12 in the first week of June.
The A/D indicator has been trending downward for a month, and the CMF was in neutral territory to reflect a lack of sizeable capital flow in or out of the market. The MFI was at 30.5 to showcase bearishness.
There were two key support levels at $2.08 (white) and $1.71 (green). The former level was a support from March/April, while the latter marked the swing low of the weekly chart.
A drop below $1.71 would shift the weekly structure bearishly.
Based on the current trend, there was a chance that $2.08 might be retested. However, if Bitcoin can remain above the $100k support zone and keep the market sentiment bullish, Sui might see increased demand.
Rising buying pressure and a flip of the $3 level to support would be a strong signal that the altcoin was set to rally higher.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
