Sui (SUI) Bulls Face Obstacle at $1.81 Resistance Level

Sui [SUI] was on a strong bullish run, but the recent market-wide volatility marred it. Since the 1st of September, the token has gained 131%.

Sui (CRYPTO: SUI) has had a strong bullish run in the past month, but the recent market-wide volatility has hindered its further advance.

Since September 1, the token has gained over 131%. It has maintained a strong bullish bias on the daily chart. The trading volume has also been above average, and the price structure suggests that a continued rally higher is likely.

However, there is one key obstacle in the way of bullish targets at $2 and above.

Sui Daily Chart Analysis: Bullish Structure, Key Resistance At $1.81

The daily market structure has been bullish since September 15. This came after a brief price dip to $0.8 was followed by a strong recovery. The trading volume in September has been high compared to July and the latter half of August. This highlights bullish conviction among traders.

The buyers were able to carry on with this conviction and drive prices higher. They reached the $2 level but were stymied by selling pressure that evolved after Bitcoin (CRYPTO: BTC) saw a correction from $66.5k. The token price consolidated around the $1.8 level for the past few days.

The Chaikin Money Flow (CMF) was at 0.06, while the Accumulation/Distribution (A/D) indicator broke above the March and April highs. Together, these indicators showed that recent buying pressure was hefty and that the accumulation trends in September were favorable to the bulls.

Fibonacci Retracement Levels Stall SUI Bulls, Key Liquidity At $1.77

The daily Relative Strength Index (RSI) had formed a bearish divergence on October 2. This occurred as the token price reached the $1.81 resistance level, the 78.6% retracement level based on the downtrend Sui saw from April.

Short-term liquidation heatmap data from Coinglass outlined the $1.77 zone as a region with high liquidity. The recent move upward swept this liquidity, reached the psychological $2 resistance, and is below the Fib level once more.

What To Expect Next?

The token has a robustly bullish structure on the daily chart, but the $1.81 resistance is pivotal. If the bears continue to defend this level, it could evaporate bullish conviction and force prices lower.

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