SUI Gains 4% Amid Market Uncertainty, Faces Key Resistance at $3.25
Key Highlights:
- SUI price rises 4.17%, currently trading at $3.19.
- 24-hour liquidations reach $3.14 million, reflecting ongoing volatility.
- Despite recent gains, SUI remains down 31% over the past month.
- Technical indicators suggest further downside risk, with $3.11 as a critical support level.
SUI Sees Modest Gains but Bearish Pressure Persists
SUI has recorded a 4.17% increase, climbing back to $3.19 after dipping to $2.93 earlier in the day. The asset’s daily trading volume surged to $1.11 billion, indicating heightened market activity.
However, SUI has struggled to recover from sustained bearish pressure, having dropped 31% over the past month. This decline has pushed the altcoin toward its weekly low of $2.72, a significant drop from its recent high of $4.76.
Bearish Signals Hint at Further Declines
Technical indicators suggest SUI may face more downside risks:
- The MACD line and signal line have crossed below the zero mark, signaling continued bearish momentum.
- The Chaikin Money Flow (CMF) at -0.08 indicates mild selling pressure in the market.
- A death cross formation suggests a potential retest of the $3.11 support level. Losing this range could lead to a deeper drop toward $3, a make-or-break level for the asset.
Is a Rebound Possible?
If SUI maintains support above $3.11, it could trigger an upside correction targeting $3.25. A breakout above this level could pave the way toward $3.50, indicating a possible shift in momentum.
However, the Bull Bear Power (BBP) at -0.4400 suggests bears still have a slight advantage, while the RSI at 41.56 leans toward bearish territory.
For now, traders remain cautious as SUI attempts to stabilize, watching key resistance and support levels closely.
