SUI is facing renewed selling pressure after failing to sustain a breakout above a key resistance level, shifting market focus toward critical support. The recent price rejection has weakened short-term sentiment, with technical indicators signaling cautious momentum.
Currently, SUI is trading at $0.8830, recording a 4.31% drop over the past 24 hours, with trading volume also high, as the token records a daily trading volume of $451.89 million while maintaining a market capitalization of $3.44 billion and a dominance of 0.15%.
SUI’s recent price movement indicates that the token attempted to trade past the resistance at the $1.018 mark but failed to maintain the position. According to insights provided by Crypto TXG, SUI’s attempt to trade past the resistance at the $1.018 mark turned out to be a false breakout as the token quickly dropped below the mark.
Currently, token is trading in a descending channel on the hourly chart, indicating that the price is under short-term pressure. The price has found support at the lower end of the descending channel. If buyers enter the market at this point, the price may continue trading sideways. However, if the price closes below $0.8820, it could start falling further.
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Moreover, technical indicators also show bearish signals. The Relative Strength Index is also trading in a downtrend, indicating that SUI will continue to fall in the coming sessions. However, currently, the price is trading near the strong support zone of $0.9180.
In the coming sessions, SUI could reach the 100-period moving average, which could provide strong support to the price. The price could start rising if it reaches this point. The price targets are $0.9874, $1.007, and $1.03. However, currently, the market is watching the price movements of token.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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