• Entry: Wait for a slight pullback to the area of the MA(25) or MA(7), as they could serve as support. A good entry zone might be around $90,900 - $91,000. Alternatively, enter on a clear breakout and retest of the recent high.
• Target (Take Profit 1): The recent high seen on the chart is around $92,540. • Target (Take Profit 2): Look for the 24h High at $91,722.0 (a more immediate target) or the next psychological level, such as $93,000.
• Stop Loss: A clear break below the current low of the short-term swing (the last major dip around $83,786) or a level just below the MA(99) or the 24h Low. For a short-term trade, placing it just below the MA(25) or MA(7) could be: $90,500.
SHORT/Counter-Trend Idea (Due to High RSI) A short trade is higher risk in a strong uptrend, but the overbought RSI suggests a potential minor correction.
• Entry: Short entry if the price breaks below the MA(7) and fails to reclaim it, below $89,900.
• Target: The MA(25) at $90,897.7 or the MA(99) at $89,153.2
• Stop Loss: A clear break above the recent high of $91,722.0.
The overall sentiment appears mixed to bullish in the short-term, driven by strong fundamental developments: • Bullish Drivers: • Institutional Adoption: Recent news includes the SEC approval of the first 2x leveraged SUI ETF (TXXS) and Grayscale filing a Sui Trust, signaling growing institutional interest and regulated access to the asset. • Strong On-Chain Metrics: The Sui Network has reported significant growth in Total Value Locked (TVL) and daily transactions (surpassing competitors like Polygon and Arbitrum in transaction growth). • Technical Reversal: SUI has recently seen a strong price surge (up to 30% on a daily basis) and has broken above the upper trendline of a falling wedge pattern, suggesting a potential bullish reversal on higher timeframes. • Bearish/Cautionary Drivers: • Token Unlocks: Periodic large token unlocks are scheduled, which historically can lead to temporary selling pressure and price dips. • Overbought on Short Timeframe: The 15-minute chart had the RSI at 71.7251, which is in the "overbought" territory, indicating a potential short-term pullback or consolidation is possible before another move up.