The price of SUI token is under bearish pressure; however, technical analyses point to a possible reversal. This article examines key levels and the future of SUI.
Current Market Situation of SUI
SUI has faced continuous bearish pressure, with its price dropping to $2.58, reflecting a 5.37% decline in the last 24 hours. Meanwhile, SUI's trading volume has surged by 25.94%, indicating high selling activity.
Technical Overview of SUI
SUI has been in a consistent downtrend, and traders are eyeing a key demand zone in the $2.20-$2.35 range. This zone acts as support where potential buyers might be interested in buying in anticipation of a trend reversal. It features the 0.75 Fibonacci level and several Naked Point of Control.
Outlook and Potential Scenarios
According to analysts, SUI's structure could be a catalyst for potential bullish momentum. If the price dips below $2.5, it may reinforce bearish sentiment. However, if SUI can reclaim that level and hold, it might confirm a trend reversal aiming for the $3.20-$3.80 range.
The future of SUI hinges on its ability to maintain the key demand zone and generate a bullish market. Analysts are watching for confirmation of changes in market volume and structure.
