SUI token price declined by 3.09% in the last 24 hours, but remains above the key ascending trendline, affirming its bullish structure.
Current Market Situation for SUI
SUI price has stabilized at $3.49, remaining above a key ascending trendline. Despite the pullback, the price continues to maintain a bullish structure formed since June. SUI respects the boundaries of an ascending triangle with flat resistance between $4.46 and $4.50, along with a series of rising higher lows. The support line at $3.49 remains intact, indicating strong buyer presence and ongoing accumulation.
Positive Sentiment Indicators
The 14-day Money Flow Index currently reads 48.75, indicating a neutral stance. This level reflects a balance between buying and selling activity. Notably, a recent rebound from sub-40 readings implies declining selling pressure. If the MFI surpasses 60, it could confirm increased capital inflow, supporting further upside. The compression observed in recent price movements and declining volatility suggests the potential for accumulation before a larger move.
Institutional Interest in SUI
ETF filings by Canary and 21Shares suggest increasing institutional attention toward SUI. Although not a direct price driver, this interest highlights potential long-term support. The token appears well-positioned should momentum continues above the $4.50 resistance.
Current trends in the SUI market show optimism among investors, with expectations for future growth. Support at $3.49 and improved market sentiments may precede significant price changes for the token.
