SUI - Oversold and Testing a Major Intersection Zone!

🏹SUI has reached a critical technical intersection, where the lower boundary of the long-term channel meets the bottom of the descending red structure. Historically, this area has acted as a launchpad for reversals, with multiple reactions from the same channel base in the past.

After weeks of heavy downside pressure, SUI now looks deeply oversold, both technically and structurally. The confluence between the horizontal support zone and the diagonal trendline adds strength to this level, making it a high-probability area for a short-term relief rally.

📈As long as the price holds above this support intersection, the next potential wave could target the upper red channel first, followed by the upper blue boundary near $4.5 if momentum continues to build.

If this level breaks decisively, it would signal a structural shift — but for now, bulls still have a chance to step in from this confluence zone.

📊All Strategies Are Good; If Managed Properly!
~Richard Nasr