Currently, the cryptocurrency market continues to exhibit volatility, reflected in the prices of assets such as AVAX, SOL, and SUI. Let’s look at current trends and trading recommendations.
AVAX Analysis
AVAX has been in a sustained downtrend since June 11, lasting over a week. Recent events led to a break below key support levels and trendlines, indicating a high likelihood of further declines. Currently, the price is around $18. The probability of a short-term reversal remains low without significant positive news. Investors may consider entering at market price or waiting for a pullback to test the upper resistance zone. Optimal entry points are between $18.5 and $19, with take-profit targets at $16.05, $15.5, and $15. Stop-loss levels can be set based on individual risk tolerance, with a maximum at $20.
SOL Analysis
SOL has formed a classic rounding top, one of the most reliable reversal patterns. The price has repeatedly failed to break through the pattern, highlighting strong overhead resistance. Recent rebounds were capped at Fibonacci levels 0.382 and 0.5. Currently, the price is approximately $145.8. Investors can enter a short position at market price, or wait for a pullback to the Fibonacci 0.618 level, around $151, before going short. Take-profit levels can be set in stages at $140, $130, $127, and $123. Stop-loss levels may be placed above the Fibonacci level 0.382, up to $158, depending on risk tolerance.
SUI Analysis
SUI’s price broke below its trading range (purple parallel channel) and rebounded upward but was rejected near the midpoint, indicating weak bullish momentum. Recently, the price broke below its previous low, finding temporary support at $2.68 before a rebound. This rebound appears more like short-covering rather than genuine support. Investors can capitalize on this rebound to establish a short position, with a take-profit target around $2.35. This level aligns with a high-volume trading zone, suggesting strong support. Stop-loss levels can be set at $2.92 or $3.06 based on individual risk tolerance.
The current trends in the cryptocurrency market for AVAX, SOL, and SUI underscore the importance of a cautious approach to trading. It is recommended to consider support and resistance levels to make more informed decisions.
