SUI price has been facing significant selling pressure for a while now, with bulls defending the support zone in recent weeks. However, the selling pressure has increased, pushing the token closer to its yearly lows. SUI is now near the critical $0.65–$0.68 support zone, putting bulls at a crucial juncture. The key question is whether SUI can hold this support and start a recovery towards $1, or if it will see another drop.
SUI has been under sustained selling pressure, with a recent breakdown below the long-term rising trendline further weakening its overall structure. After losing the $0.80–$0.90 support zone, the price has now moved towards the $0.65–$0.68 area, a key support zone on the chart. A strong response from this level could help bulls stabilize the price, while a clear breakdown would indicate further weakness.
The Open Interest stands at around $70.4 million, indicating that traders are maintaining significant positions despite the decline. However, the CMF at -0.15 points to ongoing selling pressure and weak money flow. If SUI can defend the current support, the first hurdle for recovery would be the $0.80–$0.90 zone, followed by $0.959 and eventually $1. The chart remains bearish until buyers reclaim the broken support levels.
Key Levels to Monitor
- $0.65–$0.68: Crucial support zone. Holding this area could stabilize SUI and trigger a recovery.
- $0.80–$0.90: Major resistance and previous support zone. Reclaiming it would strengthen the bullish case.
- $0.959: Next resistance level and an important hurdle before the $1 target.
- $1.00: Key psychological resistance. A move above $1 would signal a stronger recovery.
- Below $0.65: A breakdown would weaken the bullish setup and increase downside risk.
The current setup lacks strong confirmation for bulls. The negative CMF suggests weak buying pressure, while the high Open Interest indicates traders are heavily invested in SUI despite the decline. Until money flow improves and the price starts reclaiming broken resistance levels, a sustained recovery towards $1 remains a possibility rather than the base case.
