- SUI is currently trading at $1.57 with a market cap of $5.78 billion, rising 1.44%.
- Strong levels of support evidenced around $0.75-$0.60 may trigger a positive reversal in the market.
- A close below $0.60 may trigger a bearish bias with a potential downfall to levels of $0.40-$0.20 levels.
Sui is showing a momentum as it is trading at $1.57, supported by a 24-hour volume of $1.20 billion, a market cap of $5.78 billion, and 0.19% market dominance. The token has moved 1.44% higher in the past day, signaling early signs of renewed interest after a recent pullback.
Price May Revisit $1.50 Before Rally
Analyst Crypto TXG highlighted that SUI is experiencing the first significant bounce action after falling into a strong support level around $1.35. According to post, stronger support is required in this area in order to advance towards the levels of $1.73-$1.815, which would change the structure of SUI to a positive trajectory. Otherwise, a retreat may occur towards the level of $1.50.
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SUI Returns to the Launch Zone of Its 2024 Rally
Market data indicates that Sui has just finished a rather exceptional pattern consisting of a deep crash, a liquidity sweep, and a direct retest of a demand area located within the value of $0.75–$0.60. This area is the same one where a huge rally started in 2024, making it one of the most significant areas in its history.
The support range of 0.75–0.60 is much more significant than other support levels. This level broke one of the heaviest selling phases of SUI, where large buyers emerged heavily in the market with strong intentions. A substantial level of trading activity accumulated here, influencing SUI’s entire macro levels for the year 2024.
Over the past few weeks, price touched this region with a strong weekly candle but bounced back with a strong wick, indicating a stop loss flush and a strong liquidity pull-through. A strong reversal would be likely if the weekly candle is firmly inside the demand region of $0.75–$0.60, with a strong break above $1.55 with a rise in volume.
Even so, potential follow-through strength can be seen in a reversal towards $1.20-$1.30, a midpoint surge towards the level of $2.20-$2.50, and perhaps hitting levels of $3.50 or stronger. With strong follow-through, SUI may actually re-test the significant high established around $5.36.
Bearish Outlook: The Breakdown Phase
Downside risks intensify if the weekly candle closes below $0.60, as such a development would invalidate the historical demand zone and flip it into a supply area. A failure to hold above this group of levels would make a macro bearish pattern, indicating a longstanding bearish market for the token.
In this scenario, potential targets extend toward $0.40, followed by $0.28, with an extreme capitulation move possibly dragging the price as low as $0.20. A close below $0.60 would be a sure indicator of a lower-low level being formed in SUI, confirming a bearish period.
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