Sui (SUI) is currently positioned at a support area after a pullback, with prices stabilizing following a run of consecutive down days. The consensus among analysts is that selling pressure is diminishing, with support appearing at a near low demand area.
At the time of writing, SUI is trading at $1.44, with a 24-hour trading volume of $704.56 million and a market capitalization of approximately $5.45 billion, according to data from CoinMarketCap.
The token has recorded a modest 0.19% gain over the last 24 hours, suggesting that bearish pressure may be losing strength as value consolidates above support.
The interest of the market participants is focused on whether the token will hold this level and build a base for a possible rebound. From the price action in the last few days, we can see that buyers are entering the market at this level, thereby slowing down the selling momentum.
In an update to its chart this week, crypto analyst BitGuru writes that SUI has now fallen into an important demand zone at $1.40 to $1.42. The demand zone has provided strong support, with the price stabilizing after the latest down-leg. The slowing down in selling pressure may be a sign of early exhaustion on the downside.
BitGuru suggests that with support, SUI may look to achieve near-term resistance at $1.48 to $1.52. A break above this level could strengthen short-term structure and set the stage for a broader advance. Should bullish momentum build, $1.60 to $1.68 could be considered.
The analyst made an observation that volume and follow-through will determine whether this is a sustainable trend or just a bounce within a consolidation.
Another market analyst, CryptoPulse, provided a conservative and watchful point of view regarding SUI. He stated that, again, price has held support in this area, which has been tested several times over the recent period. The defense of this area could be a step toward a higher price.
According to CryptoPulse, there has been a shedding of liquidity in long positions, and at the same time, there has been an increase in short positions. This is important because it could determine the direction of the next big move.
This analysis suggests that eliminating excess leverage may reduce risk on the downside, and consistent buying activity may give a clearer bullish bias.
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A key factor to watch: SUI’s ability to hold above the $1.40 support level. If SUI is able to hold above the $1.40 level, it could gain the confidence to test the resistance levels in the next sessions.
If the token is unable to hold above the $1.40 level, selling pressure could continue, and a consolidation phase could be expected.
However, while investors await confirmation, the current technical level of the token is at a point in the Layer-1 market. The next sessions will determine whether the token will continue to gain upward momentum or stay range-bound before the next trend.
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