Despite the recent token unlock, SUI price holds above the key support zone. Technical indicators suggest a potential trend reversal if resistance at $2.52 is surpassed.
Current SUI Market Situation
SUI is currently trading at $2.31, remaining above the support zone of $2.10–$2.20 after the recent token unlock on April 1. The price has maintained this level since March 11, after hitting the year's low near $2 following a crash from its all-time high of $5.35 on January 6.
SUI Technical Analysis
The SUI price is in a clear downtrend as it trades below both the 20-day Exponential Moving Average ($2.41) and the 50-day Simple Moving Average ($2.67). No major spike in volume is observed, indicating market uncertainty. The Relative Strength Index (RSI) is at 45.09, showing weak yet improving momentum.
Potential Price Reversal
Nevertheless, the chart appears moderately bullish given that SUI has held above its support zone of $2.10–$2.20. Technical analyst Ali Martinez recently noted that an inverse head and shoulders pattern may point to a short-term bullish reversal if the $2.52 level is breached.
SUI's price continues to defend crucial support levels. A breakout above $2.52 could indicate a potential trend reversal, opening the way to subsequent resistance levels.
