Popular cryptocurrency SUI began the new month with considerable volatility. After a sharp decline that cleared liquidity below key lows, the price immediately rebounded and initiated a strong upward move of nearly 35%. The current question is whether this development represents a short-term relief rally or the early stage of a more sustained trend.

SUI technical analysis

SUIUSD – 4-Hour Time Frame

A closer look at the chart shows that SUI has recently collected a substantial amount of liquidity above current levels. The price is now reacting to a resistance zone, and a confirmed break above this area could play a critical role in determining whether further upward continuation becomes possible.

If a retracement occurs, attention could shift to zones where the price has historically shown reactions, indicating increased buying interest. The first such level is located around $1.67. A more structurally significant area lies at the support zone that aligns with the 0.382 Fibonacci retracement.

Should this support zone fail to hold, and the pullback deepen, the market could begin to partially fill the gap between $1.38 and $1.58. In that case, a reaction may emerge near the 0.618 Fibonacci level, which closely matches the midpoint of this gap.

SUI price target

The nearest potential target in the coming days is the gap highlighted on the chart. Just above this zone sits the psychological level of $2.00, where a reaction could appear, as such levels often attract profit-taking by retail participants.

It is also notable that each swing high above the current price contains additional liquidity, which could draw the market upward should bullish pressure persist.