The SUI token shows specific patterns on the charts that may signal a rise, although the current market state raises concern.
Price Moves Within Bullish Pattern
The SUI token is trading around $3.47 and holding above a rising support line that has been in place since April. On the 2-day chart, an ascending triangle is forming, suggesting a potential rise. Analyst Jonathan Carter noted that strong support is found near $3.30, which has held several times, indicating active buyers in this range. The upper boundary of the triangle is near $4.20 and has limited price moves since early summer. He added that if the price breaks above this level, it's worthwhile to watch the next targets: $4.80, $5.37.
Pullback May Come Before Breakout
Analyst Ali Martinez expects a pullback to $3.17 before any breakout occurs. This level aligns with the 0.618 retracement level and the rising trendline. His forecast outlines a scenario where SUI could bounce from $3.17 and move towards $4.20, eventually targeting higher levels at $5.40, $6.01, and $7.15.
Sentiment Weakens Despite Technical Setup
Data shows that traders are becoming more cautious. Open interest in SUI futures has dropped from $2.66 billion in late July to $1.82 billion now. Additionally, the Sui network has seen a decline in activity, with a reported 2% dip in total value locked (TVL), bringing it down to $2.02 billion. These developments reflect cooler sentiment across the ecosystem. Moreover, the recent listing of SUI on Robinhood did not lead to the expected price rise, warranting cautious market analysis.
Current chart patterns on SUI signal potential for growth; however, deteriorating market conditions call for careful analysis and caution from traders.
