SUI has shown signs of recovery, experiencing a 24-hour price increase, but it remains 26% lower over the last 30 days. While the market sentiment remains mixed, technical indicators suggest that SUI might be on the verge of a significant move, potentially leading to a bullish breakout.

A key metric for assessing buying and selling pressure, the Chaikin Money Flow (CMF), currently stands at -0.06. Though this is still in negative territory, it marks an improvement from -0.35 observed just two days ago. The rise in CMF indicates that selling pressure is easing, which could signal a shift toward more buying activity. However, its negative value means the market sentiment is still somewhat cautious. A move above zero would signal an actual reversal toward bullish sentiment, indicating a potential change in trend.

The Ichimoku Cloud, a popular technical analysis tool used to assess trends, shows a cautious but optimistic outlook for SUI. The current setup shows the Leading Span A (green line) positioned above Leading Span B (orange line), which is typically a bullish sign. However, since SUI’s price is still trading within the cloud, this suggests that the market is in a consolidation phase, with neither buyers nor sellers fully in control. The thinness of the cloud ahead signals that the bullish momentum may not be strong enough to push the price significantly higher without further confirmation.

Another indicator worth noting is the relationship between the Tenkan-sen (purple line) and Kijun-sen (orange line). As of now, the Tenkan-sen is below the Kijun-sen, a formation that traditionally signals bearish market momentum. However, the narrowing gap between these two lines suggests that a bullish crossover may occur if the price continues its upward movement. This potential crossover could serve as a catalyst for an upward price movement, leading to a stronger bullish trend.

SUI’s Exponential Moving Averages (EMAs) are also providing some mixed signals. The short-term EMAs are still positioned below the long-term EMAs, indicating that the bearish trend is currently in control. However, the short-term EMAs are beginning to show signs of upward momentum, which could lead to a potential golden cross — a bullish pattern that occurs when the short-term EMAs cross above the long-term EMAs. If this happens, SUI could challenge resistance levels around $3.73, and potentially break through $4.25, which would be a major milestone for the cryptocurrency.

Despite these positive indicators, the price still faces several challenges. Support at $3.08 is critical for maintaining bullish momentum. If the price fails to hold above this level, SUI could fall back to lower support zones around $2.86 or even $2.39. A break below these levels would signal a continuation of the bearish trend, putting the price under pressure for further declines.

On the flip side, if SUI manages to break above the key resistance at $4.25, it could mark the beginning of a new upward trend. In this scenario, buying interest would likely intensify, reinforcing the bullish case for SUI. The key takeaway is that while SUI shows signs of bullish potential, whether it can break through resistance levels and sustain upward momentum remains to be seen.

In conclusion, SUI’s market outlook appears cautiously optimistic. The emergence of a golden cross, along with signs of decreasing selling pressure, suggests that the price could be on the verge of a bullish breakout. However, key support levels must hold, and the cryptocurrency must clear resistance to confirm a new bullish trend.