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SUI is currently under pressure, trading at $3.03 after falling 1.6% in the last 24 hours. Most indicators and moving averages are showing weakness, signaling a bearish trend for now.
On the daily chart, SUI is well below all the short and mid-term EMAs (10, 20, 30, 50, and 100), which are between $3.12 and $3.51. The only short-term support comes from the 100-day Simple moving average at $2.95, which makes it a key level to watch.
SUI Shows Weak Momentum
Momentum indicators like the MACD and momentum are also currently in sell territory. RSI is at 41, which shows that there is still room for further downside before it becomes oversold. Overall, the trend remains weak unless bulls step in with strong volume to reclaim the lost EMAs.
A trader warns that SUI is showing weakness after failing to hold its support range. The recent bounce was shallow, and with the price breaking below key levels, they expect a drop toward $2.10 if altcoins continue to show weakness. Additionally, the SUI network will unlock over 58 million tokens on July 1, which could impact the price action in the short term.
Long-term Outlook is Bullish
One analyst has tracked two possible scenarios for SUI. On the larger time frame, the outlook remains bullish as long as SUI holds above the $2.90 support zone (the 78.6% Fibonacci retracement from the April rally).
This area has held up multiple times, and if the correction is complete, a strong third wave up could follow, with a possible target around $10.90. However, there is no confirmation yet that the next major rally has started.
Can SUI Hold $2.95?
In the short term, the price is still in a correction phase. It may move higher to $3.50–$3.60, but first, it needs to break above $3.14–$3.15 to confirm that upside. For now, there is a small uptrend from June 14, and it is still holding. But if SUI drops below $2.95, it may confirm a bearish trend.