Will SUI Rocket to New Highs in 2024?

September was a standout month for SUI, with a significant price increase, providing BITmarkets traders the opportunity to capitalize on our earlier analysis. Currently, the price hovers just below its all-time high (ATH).

With this updated outlook, we highlight new opportunities to benefit from upcoming price movements. Whether you’re already holding SUI or looking to enter the market now, it’s still a viable opportunity with the right risk management in place.

4-hour time frame analysis

SUIUSD - 4 Hour Time Frame

To monitor the next move, focus on the 4-hour time frame. The external market structure is clearly visible, adhering to a classic bullish pattern.

In this scenario, the price should not close below the higher low level, which leaves room for potential buying opportunities at key technical levels.

On the attached chart, you’ll see two support zones alongside an order block. From our analysis, entering a buy position at any of these points is feasible, as all are located in the discount zone of the bullish structure.

When to buy SUI?

For now, you can set your stop-loss either below the external higher low or, if you prefer a more aggressive strategy, below the internal higher low.

However, keep in mind that since the price is near the ATH, there may be downward pressure from non-commercial market participants and small speculators looking to sell at perceived resistance levels. This could push the price lower than a conservative stop-loss placement.

As part of proper risk management, if the price fails to respect bullish signals, traders should consider reducing their positions whenever the price closes below any key technical level.