SUI Technical Analysis Jan 24

SUI faces a stuck market around 1.49$; short-term 1.4881$ support and 1.4976$ resistance are critical, downward pressure dominates but MACD histogram gives a slight recovery signal. Watch for quick breakouts in the next 24-48 hours.

Short-Term Market Outlook

SUI is currently trying to stabilize at the 1.49$ level but the overall short-term trend continues downward. Over the last 24 hours, with a slight drop of -0.09%, the intraday range stayed between 1.46$-1.54$. Volume at 274.50M$ is at medium levels, providing sufficient liquidity for sudden moves but no major catalyst. Price unable to close above EMA20 (1.51$), carries bearish short-term bias. Supertrend indicator gives bearish signal and draws resistance at 1.58$. RSI at 38.49 approaching oversold territory, while positive histogram formation in MACD puts a slight momentum jump possibility on the table. In multi-timeframe (MTF) context, total 14 strong levels detected in 1D/3D/1W timeframes: 3 supports/3 resistances in 1D, 2 supports in 3D, 3 supports/4 resistances balance in 1W. This draws a mixed picture in the medium term but tight levels are forefront for intraday. No significant news flow, so technical levels will be decisive. High-risk setup for short-term traders; focus on quick invalidation points and don’t neglect capital management.

Intraday Critical Levels

Near Support Zones

The most critical near support is 1.4881$ (strength score: 67/100), right above intraday lows and the gateway to the lower band of the recent range at 1.46$. If this level breaks, a quick drop can be triggered; invalidation requires close above 1.4881$. The second support layer 1.46$ should be watched as intraday low, it could form a strong base but may weaken in low-volume tests. Deeper supports from MTF at 1.3537$ as downside target should be on your radar, but strong selling pressure is needed to reach there in 24-48 hours.

Near Resistance Zones

The nearest and strongest resistance is 1.4976$ (score: 80/100), just above price and aligned with EMA20 (1.51$). If this level breaks, momentum accelerates. Next resistance 1.58$ Supertrend level, followed by 1.6099$ (score: 60/100) upside target. 1.7682$ is a more distant barrier (score: 61/100). For intraday scalp traders, the 1.4976$-1.51$ squeeze zone is ideal; expect quick rejections and bounces.

Momentum and Velocity Analysis

Short-term momentum is mixed: RSI at 38.49 shows selling pressure easing, oversold recovery potential exists but volume increase is required for crossover above 50. MACD histogram shows positive divergence, which could be a hidden buy signal but main line hasn’t crossed yet. Supertrend maintains bearish bias, while velocity analysis shows slowdown with intraday range narrowing – high volatility squeeze probability. Downtrend continues on 4-hour chart, but local bottom formation observable on 1-hour. Volume profile medium, good liquidity on sudden spikes but high fakeout risk. For short-term traders, monitor order flow on 1-minute charts to catch velocity, wait for RSI 40+ and MACD hist expansion for momentum jump. Risk: False breakouts common, keep stop-losses tight (e.g., 0.5-1% risk).

Short-Term Scenarios

Upside Scenario

Bullish breakout trigger: close above 1.4976$: If this level is surpassed, quick test of EMA20 at 1.51$, then path opens to Supertrend at 1.58$. Upside target 1.6099$, invalidation below 1.4881$. Trigger: BTC upward bias or volume increase. Potential 4-8% gain, high risk – ideal for quick scalps, wait 24 hours for swings.

Downside Scenario

Bearish scenario dominant: break below 1.4881$ leads to intraday low at 1.46$, then MTF support 1.3537$ target. Invalidation above 1.4976$. If BTC stays sideways, selling accelerates in altcoins. 8-10% downside potential, keep stops above 1.50$. Downtrend continuation likely short-term, avoid long positions.

Bitcoin Correlation

BTC sideways at 89,548$ level (+0.43% 24h), Supertrend gives bearish signal – caution for altcoins. SUI highly correlated with BTC (0.85+%), if BTC supports 88,834$/87,635$/86,420$ break, expect cascaded drop in SUI (accelerates below 1.4881$). If BTC resistances 90,753$/91,593$/92,126$ surpassed, SUI upside scenario triggers, 1.4976$ breakout strengthens. BTC dominance rising, pressure may increase on alts; SUI traders short bias below 88k BTC, long ready above 90k. While dominance Supertrend bearish, altcoin rally limited.

Daily Summary and Watch Points

Today’s main watches: 1.4881$ support and 1.4976$ resistance breakouts, RSI 40+ momentum jump, BTC 88,834$ test. Volume spikes increase volatility. Short-term trades carry high risk; max 1-2% risk/position, use quick invalidations. For spot, follow SUI Spot Analysis, for futures SUI Futures Analysis. Expect clear breakout in 24-48 hours, be patient.