SUI price is showing high volatility in its movements near a critical support level, after having recently come under some selling pressure. Activity in the market has been relatively strong, but positioning by investors has shown signs of uncertainty as they reevaluate their short-term prospects.
At the time of writing, SUI is trading at $0.9166, recording an 8.05% decline over the last 24 hours. Despite the pullback, market activity remains strong, as trading volume has reached $1.01 billion while the total market capitalization stands at $3.67 billion, according to CoinMarketCap.
Source: CoinMarketCap
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SUI Price Rebounds Attempt After Key Support Test
A prominent crypto analyst, BitGuru, pointed out that the SUI price is experiencing possible reversal signals, considering the accumulation pattern it had been experiencing for quite some time now. As per BitGuru, the SUI is now responding from a support level that has previously sparked renewed buyer interest.
Source: BitGuru’s X Post
This level is being closely observed as it can become a support level that will aid the recovery process if demand starts showing strength.
Should buying power rise from here, the SUI price is likely to slowly bounce back towards testing the upper range of $0.97-$1.00, although this level still presents resistance to further gains. Failure to stay above this support level means that the SUI price is likely to remain under downward pressure in the near future.
Derivatives Data Shows Mixed Signals
The derivatives market statistics also highlight a mixture of conditions in relation to the SUI price. The open interest has fallen by 10.29% to $643.20 million, which indicates that some investors are retreating from excessive risk-taking and reducing their positions. On the other hand, the trading volume has climbed by 27.71% to $1.11 billion.
Source: Coinglass
As for the open interest-weighted funding rate, it is equal to -0.0017%. This means that current funding conditions are somewhat negative, reflecting the cautious sentiment. In any case, it should be noted that despite an unclear market sentiment, the SUI price continues to hover around the important area.
Source: Coinglass
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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