Key Takeaways
- SUI’s technical indicators hint at a price correction towards $3.2 as the price struggles with the current market trend.
- SUI price action trades below 50-day EMA in weeks after breaking out above $2 as the price rallied to $5.
- Despite market uncertainty and price pointing to market corrections to $3.2 or $2.4, crypto analysts expect a strong bullish uptrend for the price in the long term.
Short-term Market Sentiment – Bearish
Long-term Market Sentiment – Bullish
Moving Average Technical Indicators – Bearish
SUI remains one of the top-performing altcoins of 2024 and could continue the same price action in 2025. Its price action on a higher timeframe continues to hold off sell orders despite the price dropping from its all-time high of $5.3 in previous weeks.
SUI’s strong ecosystem and unique project captured traders and investors. The ecosystem witnessed tremendous price growth from its low of $0.2 to a high of $5, hitting over 250% price growth within a year, which is incredible for a new crypto project.
Due to its growing ecosystem, more crypto projects have launched on the SUI technology, increasing demand and activities in its ecosystem. This undervalued crypto asset has more potential to rally beyond $5, as crypto analysts speculate a two-digit price potential.
The price of SUI continues to struggle to hold its price strong above $3.5. It could trade lower if it loses its key support area around $3.3, forcing bears to create a panic sell for the crypto asset.
Bears Looking To Push SUI Price Lower
Source – SUI On-chain Activities From Santiment
According to on-chain data from Santiment, volume, active addresses, and price for SUI have all dropped in the past few weeks, with volume and active addresses suffering a significant decline in activities. This suggests that the price of SUI could be heading towards the next key support around $3.2 or $2.3.
The price of SUI needs to trade above $3.2 to prevent bears from pushing it lower. This would not be good for SUI, forcing the price to experience a panic sell if SUI bulls fail to protect its key support of $3.2.
Technical Analysis For SUI Price
Source – SUI 1D Price Action From TradingView
SUI’s price on lower timeframes looks bearish. It broke below its 200-day EMA on the daily timeframe, suggesting weakness. The price could be headed to a lower support region as the market looks uncertain for many altcoins, including SUI.
The price of SUI needs to hold strong above $3.2 to avoid bears taking over the price and pushing the price lower. SUI bulls must defend this region by all means; if the price breaks below this region, this could create panic for many SUI holders who have been optimistic about the price bouncing to trend higher.
While the Relative Strength Index (RSI) and its Exponential Moving Averages continue to show price weakness and the potential for price to go lower, we could see price struggle more if SUI’s 50-day and 200-day EMA cross over to the downside, signaling a more bearish downtrend for price.
Currently, the market trend for SUI is down, as bulls must protect the $3.2 support zone to prevent the price from trading lower. With current market uncertainty, cautious trading is important for traders and investors.
