- SUI sees strong trading volume despite recent pullback, remaining one of the most active assets.
- Token faces significant resistance, following a “yellow scenario” with potential prolonged B wave extension.
- RSI indicates oversold conditions, and bearish MACD suggests sellers continue dominating token’s market activity.
Sui is gaining momentum as overall market activity around the project continues to rise. Despite the recent pullback, the network’s trading volume has increased sharply, placing it among the most actively traded assets in the market. Analysts now note that the next move will be shaped by how the price reacts near its key support zone.
At the time of writing, SUI is trading at $1.56, recording a 24-hour trading volume of $1.49 billion and a market capitalization of $5.76 billion. The price has slipped 4.69% over the last 24 hours, reflecting a cooling phase after recent volatility.
SUI Rises on Network Activity
With the latest update shared by Sui Media, there has been growing optimism about increasing on-chain activities. SUI, as per the platform, has experienced a tremendous increase in participation, with 24-hour volume rising to a whopping $780 million, entering the list of the top four most traded assets in the total market.
SUI Faces Key Resistance Test
Meanwhile, popular analyst More Crypto Online has shared a technical analysis of SUI’s present setup. He has described that token’s price has been rejected from a major resistance area and that it’s now developing along a “yellow scenario.” This indicates a potential for a prolonged B wave, which he also mentioned in his previous analysis.
However, he pointed out that it would still break down straight into a “blue scenario.” The next important element to monitor would be how token would react when it nears support.
Thus, as per the analyst, a test of the 100% extension around $1.45 appears to be a probable outcome. The reaction that follows will be of significance. A strong reaction can verify the B wave extension, whereas a weak reaction could imply that it is being taken over by the blue analysis.
However, for now, all eyes are on the support area as token tries to form a plan for what to do next.
Also Read | SUI Eyes $4 Rally Following SEC Approval of First 2x Leveraged SUI ETF
SUI Holds Support, but Momentum Still Weak
RSI is currently at 35.49, which indicates that token is near the oversold area but attempting to find support. The MA Ribbon remains above the current price, with major averages around 3.07, 2.79, and 2.38, indicating that the market momentum is bearish. This indicates that price is currently being controlled by sellers.
The MACD continues to display weakness, as the line sits at 0.18560, with the signal line holding at 0.27926. While it appears that it will close somewhat, a look at the histogram indicates that it remains a bearish instrument. There has been no cross, which means that, for now, buyers are in a position that requires further support.
Also Read | SUI Momentum Builds: Grayscale ETF Filing Signals $10 Breakout Potential
