SUI is undergoing a notable pullback following its recent rally, with several crucial support levels now in focus. These levels will play a significant role in determining whether the asset can regain its bullish momentum or face deeper declines.
A strong defense of these support zones could trigger a fresh upward move, while failure to hold may signal further downside.
SUI Price Action: Recent Decline and Market Outlook
SUI recently faced a rejection at the $2.1 resistance level, leading to a bearish turn on the 4-hour chart. Despite this dip, the cryptocurrency remains above the 100-day Simple Moving Average (SMA), suggesting that a recovery could still be on the horizon. If buyers regain control and market sentiment shifts, SUI could quickly return to bullish territory.
The 4-hour Relative Strength Index (RSI) has dropped to 55% from its overbought zone but remains above the critical 50% mark. This positioning indicates that although there has been a slowdown, the market still holds potential for upward movement. As long as the RSI stays above this threshold, there is a chance for bulls to regain momentum.
On the daily chart, SUI shows signs of bearish pressure but continues to trade above the 100-day SMA. This suggests that the current dip might be temporary, and a price recovery is possible if buyers step in. The asset’s positioning above the SMA could help reverse the trend, pushing prices higher.
Lastly, a closer look at the 1-day RSI shows the indicator has dropped to 69% from the overbought zone, signaling further potential declines. However, if the RSI remains above 50%, a bullish comeback is still possible.
Key Support Levels to Watch for SUI
SUI is nearing crucial support levels that could attract buyers and trigger a rebound. The first key support zone is around $1.4, which could be pivotal for renewed bullish interest. If buyers defend this level, SUI might rebound toward the $2.1 resistance zone. A breakout above this resistance could lead to new all-time highs.
However, if the $1.4 support fails, the next critical area to monitor is around the $1.1 mark. This level could provide a stronger base for buyers if the price continues to decline. Holding above these support levels is crucial to prevent further bearish pressure and regain upward momentum.
