Sui (SUI) has fallen below the $1.10 mark amid increasing bearish pressure, signaling short-term market weakness. The token is currently struggling to maintain key support levels, with attempts to recover having been unsuccessful so far.
As of February 5, SUI is currently trading at $1.06, down 6.05%. The coin has registered a 24-hour trading volume of $1.30 billion and a market capitalization of $4.09 billion, indicating a 0.17% market dominance.
SUI Retests $1.31 Support, Faces Decline
Recently, SUI retested the support area of $1.31 but was unable to sustain itself above it. This led to a quicker fall towards the $1.018 area. Analyst Crypto TXG points out that if this level is breached, the next major support area could be around $0.57. On the other hand, a strong recovery from the current levels could see SUI retest the resistance area of $1.31, giving temporary respite to the buyers.
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Recovery Above $1.40 Could Shift Structure
Technical analysis reveals that the cryptocurrency has started a downtrend after failing to maintain its previous range. The price slipped below a descending trendline, intensifying downward momentum. Patterns of lower highs reinforce the dominance of sellers, while shallow recovery attempts lack sufficient buying strength to reverse the trend.
Market participants are closely observing the $1.00 psychological level, which could act as a temporary support level in the long run. However, strong bearish pressure is expected to continue until SUI breaks above the descending trend line. A strong recovery above $1.40 could change the market structure, leading to a larger consolidation phase.
Market participants are advised to keep a close eye on the short-term levels, as SUI’s next move is heavily dependent on whether it can regain the support levels. Investors are advised to be cautious in the current market scenario, where the dominance of the selling pressure is evident.
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