SUI Battles $4.30 Barrier as TD Sequential Flashes Sell Setup

• SUI must close above $4.30 to cancel the active TD Sequential sell signal.
• Open interest jumped to $1.61B, showing increased futures market participation despite a 1.55% price dip.

After SUI confirmed a breakout above the neckline, bulls regained control following weeks of consolidation. This marked a significant shift in sentiment, as the move validated an Inverse Head & Shoulders pattern on the daily chart. Because this is what happened last, analysts pointed to a potential revisit of all-time highs if momentum continues. However, a new pattern has come into play promising more uptick despite the 1.55% dip.

SUI Current Market Trajectory Revealed

Tracking the current market trend of SUI, CoinMarketCap data indicates that the digital asset opened its market with a trading price value of $3.7987 during the Asian trading session. Notably, the asset fluctuated between a daily low of $3.71 and a high of $4.00.

A deeper analysis on its price trend as of latest indicates that SUI is priced at $3.73 after dropping 1.55% over the last 24 hours. The token’s market cap stands at $12.47 billion with a 1.62% decline. Daily trading volume surged 91.35% to $1.65 billion, signaling higher activity. The price peaked above $4.00 before correcting downward.

The price rise is associated with more people opting to keep their futures on assets open. Reports have indicated that SUI’s futures open interest climbed up to $1.61 billion on May 19.

Open interest surged significantly from April, exceeding previous monthly peaks. The chart indicates growing market participation and strong derivative activity around the current price zone.

SUI Faces Technical Challenge As TD Sequential Sell Signal Active

According to analysis prepared by Ali Charts, SUI continues to trade below a critical resistance level marked by the $4.30 price point. According to current chart data, the TD Sequential indicator has issued a sell signal. For this signal to be invalidated, the token must close decisively above $4.30 on the daily timeframe.

This resistance level is acting as a crucial barrier against further upward price action. It is notable that SUI reached $4.30 on May 15 before dropping 2.46% to $3.75 the following day. The 9-count green candlestick from the TD Sequential indicated trend exhaustion near the $4.30 resistance zone. Fibonacci levels show key retracement zones at $2.77, $3.36, and $4.30, with $3.36 now acting as support.

The TD Sequential is a technical tool used to track price exhaustion across timeframes. It has currently marked a sell setup on SUI. The signal remains active unless the asset records a confirmed breakout above $4.30. SUI’s price fluctuations remain constrained within a tight range below the resistance level. As of now, no breakout has occurred to signal a reversal of the indicator’s sell condition.

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