Phantom Wallet Adds Support for SUI Amidst Market Uncertainty
Market sentiment is declining ahead of the FOMC meeting, with altcoins like SUI facing selling pressure. Despite recent support and network growth, bulls struggle to maintain key levels.
SUI Price Analysis
- A bearish engulfing candle formed on January 28 led to a 7.5% drop in SUI price.
- The current trading price is $3.62, below the 100-day EMA line.
- This marks the lowest closing price in 49 days, indicating strong sell signals.
Phantom Wallet Support for SUI
- Phantom wallet has integrated support for the SUI blockchain, benefiting from its 15 million monthly active users.
- SUI becomes the first Move-based chain fully supported on Phantom.
- Integration allows management of SUI tokens and interactions with decentralized applications.
Potential Bullish Trigger
- Despite bearish trends, the 12-hour chart shows a potential bullish signal via the TD sequential indicator.
- Bulls need to maintain levels above the 100-day EMA to aim for a price test near $4.29.
- Failure to absorb supply pressure could see prices drop towards the 200-day EMA at around $3.