- Sui’s inclusion in the Bitwise 10 Crypto Index ETF boosts its visibility among institutional investors.
- Technical indicators show easing bearish momentum, hinting at a potential market recovery.
- The token could target $1.85 if key support levels hold, signaling potential for further upward movement.
Sui (SUI) is currently facing downward pressure with a slight decline in its value due to volatile market conditions. The token is currently trading at $1.64, marking a dip of 3.20% over the last 24 hours.
However, the data from Bitwise revealed that Sui, a blockchain platform designed to make digital asset ownership fast, private, secure, and accessible, is gaining traction in the crypto space. Its high-performance infrastructure simplifies transactions and enhances user experience for both individuals and institutions. The platform’s focus on efficiency and privacy sets it apart in a crowded market.
It is a significant achievement that Sui has been listed on the Bitwise 10 Crypto Index ETF (NYSE: BITW), giving it the opportunity to reach institutional investors. This is a clear indication that there is confidence in the technology and market potential of Sui. Being listed on BITW means that Sui is among the top cryptos.
Also Read: SUI Eyes $4 Rally Following SEC Approval of First 2x Leveraged SUI ETF
Technical Outlook Suggests Weakening Bearish Strength
The above chart reveals that since the peak of $4.50+ in late 2024, the market has been trending continuously lower, forming lower highs and lower lows. More recently, it appears that the market is resisting the lower lows, ranging around the support level of $1.50-$1.60, with a slight recovery to $1.65, suggesting possible stabilization, though the trend is not yet fully reversed.
Source: TradingView
The RSI stands at 36.87, showing oversold levels but emerging signs of a recovery. However, the MACD is still bearish, with the MACD line at -0.45716 below the signal line at -0.27772, although the presence of smaller red bars on the histogram suggests that the pressure of selling is easing. Furthermore, SUI is presently on a slight recovery path from the lower levels but still combating bearish momentum.
SUI Could Surge to $1.85 if $1.45 Holds Strong
Moreover, the crypto analyst, Hailey LUNC, highlighted that SUI is also indicating a bullish turnaround because the downtrend line has been breached, and higher highs are being established. The critical resistance areas, which acted as obstacles for the price, have been regained, indicating that the buyers have started participating actively again. This is a classic indication of a bullish turnaround.
Source: Hailey LUNC
If SUI is able to maintain support above the critical level of $1.45, the next logical level that it should target will be $1.85. Traders will certainly keep their eyes on the critical level, hoping that it will trigger a breakout that will unleash the next level of price movement. If so, it appears that SUI is on the verge of starting a new long-term uptrend.
Also Read: SUI Momentum Builds: Grayscale ETF Filing Signals $10 Breakout Potential
