Altcoins News
By Dan Saada
1 / 11
The price of Sui (SUI) has recently faced significant downward pressure, fueling concerns about a possible extended correction in the near term.
2 / 11
Technical analysis reveals that SUI recently broke down from a triangle chart pattern, triggering a wave of selling that dragged the price back to a key support level near $2.78.
3 / 11
Momentum indicators present a mixed but generally cautious picture. The Relative Strength Index (RSI) is nearing oversold territory at around 33.
4 / 11
The derivatives market data adds to the cautious tone. Open Interest (OI) for SUI futures has dropped sharply, now standing at $1.
5 / 11
Short positions have gained dominance in trading volumes, comprising 55% of taker activity compared to 45% for longs.
6 / 11
Adding to the bearish outlook, a classic technical head-and-shoulders pattern has formed on SUI’s daily chart.
7 / 11
Fundamental indicators are also painting a bleak picture. Network activity has dropped dramatically, with daily transaction volumes falling from over 19 million to just 9…
8 / 11
While futures market exposure shows a modest rebound with open interest near $1.2 billion, the broader outlook remains cautious.
9 / 11
Looking ahead, the $2.78 support level is critical. A successful bounce from this zone could open the door for a recovery toward the psychological $3 mark and potentially the…
10 / 11
Longer-term forecasts remain somewhat optimistic, with analysts like CoinLore projecting a price range between $3.77 and $5.80 by the end of 2025.
11 / 11
For now, traders and investors should exercise caution, closely monitoring key support levels, derivatives market signals, and network fundamentals.
The Currency Analytics
Want the full story?