Sui (SUI) shows bullish activity but is facing challenges in reaching the $4 level. Volume analysis suggests potential rejections.
Key Resistance at $4
The $4 level remains a tough obstacle for SUI, which could face rejection if buying momentum doesn’t pick up. Fixed Range Volume Profile analysis shows that the Value Area High near $4 is crucial, marking a critical resistance zone.
Weak Buying Volume Hinders Bulls
Despite SUI’s bullish trend in 2024, the recent trading volume has been lackluster. On-Balance Volume (OBV) indicates a lack of buying pressure, signaling that momentum may not be strong enough to push prices higher.
Next Steps for Traders
Traders should focus on how the price reacts to the $4 resistance. A breakout would require stronger buying volume, while rejection could bring the price back to the $3.5 support zone.
Thus, SUI is at a crossroads, and its further movements will depend on changes in trading volumes.
