SUI Retests Key Support After 8% Drop, Trading at $3.15
SUI Attempts to Hold Crucial Support Amid Market Downturn
- SUI is retesting critical support levels after an 8% drop, hitting a two-month low.
- Previously fueled by institutional interest and positive developments, SUI has declined over 21% weekly.
- The price has fluctuated between $3.10-$4.00 over the past three months, failing to break out despite multiple attempts.
- Analyst Daan Crypto Trades notes the five-month consolidation suggests an impending major price move.
- If SUI fails to hold the current support, it risks returning to previous lows.
Price Retests Make-Or-Break Level
- SUI trades within an ascending triangle pattern on a higher timeframe, compressing since early Q2.
- A breakout above the $4 resistance could lead to a retest of its ATH, potentially rallying 75% to $7.
- Analyst Ali Martinez emphasizes the importance of holding the rising lower trendline near $3.10 to maintain bullish momentum.
- If SUI fails to sustain this support, it may revisit the $2.40-$2.90 zone.
Currently, SUI is trading at $3.15, marking a nearly 10% monthly decline.
