The SUI coin was negatively affected alongside the broader cryptocurrency market today. The coin is trading at $3.47 with significantly increasing selling pressure in the market.
The layer one blockchain coin has experienced a sharp decline of 6.07% as bearish momentum in digital assets increases. Technical indicators now paint a mixed picture for the near future of the altcoin.
Market volatility has reached high levels as traders reassess their positions. Despite the correction, many cryptocurrency analysts maintain optimistic forecasts based on chart patterns and support levels.
● The price movement of SUI showed technical weakness
The current price movement of SUI has pushed the coin below its 20-day simple moving average, indicating weakness in the upward trend.
Bollinger Bands have widened around the price movement, indicating increased market volatility and uncertainty. The Relative Strength Index is at 40.67, hovering just above the oversold area, but indicating decreased investor interest in buying.
MACD indicators have crossed the signal line with an increasing negative histogram, confirming the strength of bearish momentum. If SUI shares fail to maintain support above $3.30, further declines may target the psychological level of $3.00.
Trading volume remains moderate without strong reversal signals from the current price action.
Crypto trader Sajal from AltCryptoGems confirmed that the SUI correction represents a consolidation within a clear upward trend and not a complete collapse.
The analyst pointed to a critical green support area that may determine the next direction of the token. Maintaining this support level will keep higher price targets achievable according to technical assessment.
CryptoED noted that SUI shows one of the strongest chart patterns in the current market environment.
The trader highlighted how the price of SUI has surpassed a long-term downward trend, successfully turning a major resistance level into support. Trading volume patterns indicate accumulation during the current consolidation phase.
● The community foundation enhances market confidence
Believer Thaqib acknowledged the challenges of the market structure, but praised the fundamental stability of the SUI ecosystem.
The foundation team has shown strong support for developers and builders within the network. This support has bolstered community confidence and may provide fundamental strength during market corrections.
The analyst expects some additional downward pressure due to broader market conditions, but remains ready to increase exposure at specific technical levels.
The fundamental support for ecosystem development continues to attract long-term interested investors. Strategic buying opportunities may arise if the price of SUI shares reaches specific support levels.
Many analysts expect the price of SUI shares to target $4.50, possibly $5.00 if current support levels hold. Random Relative Strength Index (RSI) indicators show bottom patterns, while the traditional Relative Strength Index starts to turn upward from oversold conditions. These momentum shifts may indicate the beginning of the next upward movement.
