The SUI blockchain token experienced a temporary pullback after its recent rise, but cryptocurrency analysts remain confident in the asset's long-term trajectory. Market observers highlight the token's strong fundamentals and ecosystem development as key drivers for future growth.
Technical indicators suggest that the current decline represents a healthy correction and not a reversal of the trend. Furthermore, market observers still consider SUI an undervalued asset with potential for upward movement. Trading activity remains high despite recent price weakness, indicating sustained investor interest.
■ The price of SUI shows resilience despite the recent decline
Recent market data reveals that SUI is trading at $3.19, marking a decline of 1.94% over the past 24 hours. The token has faced additional pressure on the weekly timeframe, decreasing by 11.93% during this period.
However, analysts interpret this movement as a natural correction after the significant gains recorded in previous weeks. The price of SUI has established a trading range between $3.10 and $3.71 over the past week, with immediate support at $3.15 and resistance at $3.26 based on recent trading patterns.
Chart analysis from cryptocurrency trader Lucky reveals a breakout that occurred in April at the $2.75 level. This technical development marked the end of a long-term downward trend and initiated a bullish wave towards $3.50.
The analyst affirms that SUI remains on a strong upward trajectory despite the current pullback. Support has been established at the breakout level, reinforcing the bullish market structure. Technical forecasts indicate that the token could target $5.37 if momentum continues to increase.
■ Ecosystem growth boosts long-term confidence in SUI
CryptoED, a cryptocurrency analyst, emphasizes the fundamental strengths supporting SUI's market position. The blockchain technology has attracted billions of dollars in total value locked, demonstrating real utility and widespread adoption.
Key partnerships continue to expand the ecosystem and its functionalities. These developments position SUI positively compared to other smart contract platforms in the current market cycle. The analyst describes the recent price movement as merely the beginning of a broader upward movement.
The trading volume of SUI over the past 24 hours reached $700,145,283 despite the price decline, although this represents a decrease of 1.20% from the previous day.
The token has underperformed compared to the broader cryptocurrency market and the smart contract platforms sector over the past week. The global cryptocurrency markets fell by 2.10%, while smart contract platforms declined by 3.80% during the same period.
However, the large trading volume indicates continued interest from institutions and individuals. Market watchers note that this correction creates attractive entry opportunities for investors looking to capitalize on the growth potential of the SUI ecosystem.
