SUI price is coming under renewed selling pressure as the broader crypto market moves lower, bringing the $0.70 support zone back into focus. SUI is trading around $0.725, down roughly 4% over the past 24 hours and 7% over the last seven days. Despite the recent weakness, the token remains up about 5% over the past 30 days.
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The current decline has placed the SUI price close to a technical area that several market observers are watching. Crypto analyst Bitguru highlighted that the SUI price is pulling back toward the $0.70 support zone. According to the analyst’s setup, the next major question is whether buyers step in around this level and prevent a deeper decline.
Source: Crypto analyst Bitguru X post
If the $0.70 zone proves true, Bitguru sees potential for a retracement of SUI up to $0.85 before potentially moving on to $0.92. Such a retracement would see a decent return from current prices and put SUI right back into trading territory.
From the perspective of traders, a reaction near $0.70 would be a better indication of whether the current fall is just a correction or a new downward trend.
Ali Martinez Sees Potential SUI Buy Opportunity
Another analyst is also watching a similar support area but has presented a more direct bullish scenario for SUI.
Crypto analyst Ali Martinez pointed out that SUI is in a range and is getting closer to the lower channel at $0.71. The lower channel is marked by the analyst as a buying opportunity, provided that it continues to hold the support level.
Martinez stated that he will buy SUI again if $0.71 holds, while the top of the channel stands at $0.84.
https://twitter.com/alicharts/status/2098367130496335989/video/1
The configuration provides two levels that are closely monitored by traders. The first level is at $0.71, where traders might try to halt the fall. The second level is at $0.84, which will serve as resistance if SUI starts to rise.
Interestingly, the above-mentioned levels also coincide quite nicely with the support at $0.70 and target at $0.85 by Bitguru. The coincidence of both methods gives additional importance to the $0.70-$0.71 range in the future price action of SUI.
However, support levels are never certain to be respected. If the downward pressure on SUI forces the token to break down through the support level, the positive channel formation may lose some of its potency.
Also Read: SUI Price Eyes $1 as Bullish Breakout and Buyback Program Supports Recovery
Sui Ecosystem Adds AI Agent and Buyback Developments
While SUI’s short-term price structure continues to face difficulties, trends within the Sui ecosystem continue to provide additional information for investors.
In addition to that, Sui Insider reported an emerging trend about AI agents in the Sui Network. With the help of WaaP.xyz and Cetus Protocol, AI agents can have their own wallets and operate self-funded liquidity positions on the Sui Network.
The innovation links self-reliant AI entities to actions on the blockchain. Instead of being dependent solely upon human-held wallets, the AI entities can act on tokens and liquidity positions using their own wallet system.
In the event that adoption takes place, such a capability can offer yet another application use case for the Sui network and its DApps. It is also worth noting that the immediate impact that the same will have on SUI’s price cannot easily be quantified.
Sui Foundation Expands SUI Buyback
Another development attracting attention is the Sui Foundation’s reported SUI buyback activity. According to information highlighted by DombaEth27, the foundation’s buyback since the beginning of the year has exceeded 609,800 SUI.
The buyback is claimed to be financed by profits from on-chain stablecoins and not from additional dilutive financing. The bought SUI tokens are going to be used to support the Sui protocol and not burnt.
This is important because the process will not be reducing the number of tokens by destroying them permanently. The tokens paid for will be reintroduced to the ecosystem, which may contribute to network activities and endeavors.
What Happens Next for SUI Price?
The near-term view for SUI will be largely influenced by whether the buyers succeed in defending the $0.70-$0.71 range. A robust response to this level will back the bullish outlooks shared by Bitguru and Ali Martinez, with the first upside target being $0.84-$0.85, with any breakout above this range setting up for $0.92.
On the flip side, however, a continuous decline below the $0.70 level would invalidate the current bull setup and may indicate that buyers are losing some control. As things stand, SUI is stuck between weak market conditions and positive ecosystem news.
A reaction at the support level will give the clearest sign on whether the current correction is setting up another buying opportunity or just exposing the market to further losses.
Also Read: Chainlink Price Eyes $13.68 Resistance Amid Rising Trading Activity
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
