SUI's price saw a significant decline in February 2023. Let's examine the current dynamics and possible conditions for a price reversal in March.
SUI's February Decline
In February 2023, SUI reached a high of $4.22 but fell to $2.15 by month's end, down nearly 24%. Sellers took control, pushing the price down.
Current Support and Resistance
As of early March, SUI is trading around $2.15, close to the $2.00-$1.80 support area. A break below this could lead to further declines toward $1.50 or $0.45, but holding here may allow consolidation before a potential rise.
Conditions for a Bullish Reversal
For bullish momentum to resume, SUI must break above the descending channel and close the month above $2.50-$3.00. The first key resistance is $3.50-$4.00. Increased demand and positive sentiment in the crypto market could help SUI revisit $4.22.
SUI's February drop laid the groundwork for a possible March reversal. However, correction and further decline remain likely without a substantial resistance breakout.
