The Sui cryptocurrency continues to face market pressure, trading at $3.51. Analysts predict the possibility of retesting the key support level at $3.17.
Analysis of Sui's Current Price
Currently, Sui is trading around $3.51, with a 24-hour trading volume of $1.42 billion. The token has dropped 2% in the last day and 6% over the past week. The daily chart shows a decline after multiple attempts to rise, leading Sui to fall below short-term support levels.
On-Chain Data Signals Bearish Trend
Data from CryptoQuant indicates that Sui's Cumulative Volume Delta (CVD) has turned negative and continues to decline. This metric shows that sell orders currently outweigh buy orders, increasing the likelihood of further price declines.
Prospects and Possible Price Scenarios
If selling continues, Sui may test the support level at $3.33. A close below this level could lead to further losses toward the next key support at $2.90. Conversely, a recovery and daily close above $3.65 may indicate an upward attempt towards the $4.18 high.
The current market situation for the Sui cryptocurrency requires careful monitoring. The support level at $3.17 may become critical for future price movements.
