- Sui drops 8.1% in 24 hours, but shows a 2.51% weekly gain, hinting at potential recovery.
- A key resistance level at $4.25 could limit further price gains, with a possible dip to $3.60.
- Trading volume and open interest fall, indicating weaker investor activity and lower market engagement.
Sui is currently trading at $3.95, and it has gone down by 8.1% over the past 24 hours. The volume of trading has also decreased by 16.91%, currently at $2.19 billion. Although it has declined in the long run, Sui has gained 2.51% in the last seven days, a sign of stability when compared with the volatility.
Source: CoinMarketCap
The drastic drop in price and volume highlights the volatility of Sui in the market. Nevertheless, the slight improvement in the previous week suggests a potential recovery, as traders closely monitor price trends. Investors are looking at the coin to see whether it will experience additional resistance or continue the upward trend in the next few days.
Sui Struggles with Key Resistance Level
Crypto analyst CryptoPulse highlighted that Sui had recently tested a vital resistance zone of $4.25 and was not able to retain its value above that mark. This rejection indicates that Sui might not manage to break beyond this important level in the near future. In the case of a bullish reversal, CryptoPulse points to Sui ascending and maintaining a position above $4.25 or risking additional downward movements.
Source: X
Furthermore, another popular analyst, GemXBT, mentioned that there was a bearish momentum in the chart of Sui, and the coin had breached its 20-day moving average. Such a violation reveals that the market is being controlled by downward pressure. Despite the Relative Strength Index (RSI) being towards oversold territory, which may point to a rebound, the MACD is still below the signal, a showing that does support the negative perspective.
Source: X
Also Read: SUI Breakout Signals Potential Surge Toward $8 Price Target
The price of around $4.00 is indicated as the support point of Sui, whereas the resistance point is $4.20. An upside breakout of the $4.25 mark would indicate that the upward trend has started. Nevertheless, failure to maintain the price above important support will result in a reversal to the lower price range of approximately $3.60, a level that traders are closely watching.
Declining Trading Volume and Interest Levels
According to CoinGlass data, the trading volume is declining by 9.04% to $6.89 billion. The open interest also decreased by 10.28% which is now at $2.46 billion. The OI-Weighted Funding Rate stands at 0.0113%, indicating low investment demand and interaction.
Source: CoinGlass
Analysts also remain optimistic that a recovery is possible despite the recent price decline. The following days will play an important role in whether the token will manage to overcome its resistance levels or further declines are probable. Market experts are eagerly awaiting an indication of whether the market will rebound or face sustained bear markets.
Also Read: SUI Price Prediction: Breaks Out With Momentum, First Target Set at $5.5
