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Bitcoin [BTC] moved back above the $80,000 level to start the weekend on a bullish note, with many altcoins following and posting modest gains over the past 24 hours.
Among them, Sui [SUI] recorded double-digit percentage gains and built on bullish momentum seen in recent days. The Sui Live event in Miami, hosted by the Sui Foundation, highlighted the architecture being built on the chain and marked three years of mainnet.
On Wednesday, 6 May, CME Group announced that Sui futures were available for trading. The development, along with positive short-term market sentiment and increased speculative interest, helped sustain SUI’s momentum.
Since February, the $1.05 level has acted as resistance that bulls have struggled to reclaim as support. A brief breakout in March was followed by a bearish structure shift.
Technically, bulls need a daily trading session close above $1.08 to flip the structure bullishly. As of now, that condition has not been met.
On indicators, the OBV did not record notable new highs, while the RSI showed sustained upward momentum in recent days. Together, this suggests bulls still have a chance to maintain the uptrend.
A report from a month ago highlighted a Sui range formation that remains in play. The 1-day chart also indicated that the broader long-term structure is still bearish.
In general, range formations are expected to hold until their extremes are breached. While BTC and SUI momentum may encourage FOMO among buyers, the report suggests exercising restraint.
The 4-hour swing structure is described as bullish, but a move beyond $1.08 would be a positive development. The altcoin could also retrace to the $0.98–$1.03 area before any stronger rally, depending on market behavior.
For entry timing, the view presented is that the range needs to be broken first. That means waiting for a daily close above $1.08, with patience required until the breakout condition is met.
If SUI drops below $0.9575, it would indicate a continuation of the range and could lead to a revisit of the $0.845 range lows.
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