SUI’s Wild Ride – Finding the Next Long Trade Setup

10 Feb

SUI had an incredible 2024, skyrocketing +1060% in just 154 days. The price peaked at the psychological $5 mark, where multiple rejections signaled a momentum shift. By the end of January 2025, the trend turned bearish, leading to a sharp correction.

Trend Shift & Momentum Analysis

I've been working on a new trend identifier indicator that helps spot trends, allowing traders to identify swing trade opportunities and manage their positions effectively. This indicator clearly highlighted the momentum shift, confirming the bearish turn and the sharp price drop that followed.

Key Support Zones & Confluences

Now that the bearish trend is in play, the focus is on identifying a solid long opportunity:

• Point of Control (POC) from Previous Trading Range (~$2) – A major psychological level that many traders are watching
  
• Trend-Based Fibonacci Extension (1:1) at $2.0373 – Adding confluence to this critical support area
  
• Fib Speed Fan (0.75 Level) – Aligns with the $2 region, reinforcing support
  
• Anchored VWAP (~$1.885) – From the 2023 lows, acting as an additional support zone
  

What’s Next for SUI?

The market is in search of a strong support level where bulls can regain control. Let’s see if we find support at the $3 mark. The $2 zone stands out as a prime area for a potential long entry, given the multiple technical confluences. If price reaches this level, we’ll be watching closely for confirmation of a bullish reversal.

Final Thoughts

SUI has had an extraordinary run, but corrections are natural in strong trends. The key now is to see where price stabilises and if the bulls can make a strong comeback. Time will tell how this plays out, but for now, $2 is a level to keep an eye on for a potential long setup.

BTW: I've just launched a FREE TradingView indicator – Multi Timeframe 8x MA Support & Resistance Zones. It helps visualise key support and resistance levels across different timeframes. Check it out and let me know your thoughts!

11 Mac

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📈 Long Entry Target Hit & Bounce 📈
SUI reached the anticipated $2 support zone and bounced off this critical level, confirming its significance. Bulls are stepping in, and if this momentum continues, we could see a push toward the next resistance levels.

Now the question is to whether the bounce sustains and leads to a bullish reversal. Watching the $2.50–$3 region will be key for further confirmation.