The SUI blockchain is now the first Move-based chain to get Phantom’s complete support. However, is this enough to end the ongoing selling spree in SUI price?
By Vishal Dixit
Edited by Julia Sakovich
Updated
3 mins read
Amid the growing fear in the market right before the FOMC meeting, altcoins like SUI are facing intense heat. Despite the recent network growth and the growing support for the SUI blockchain in the crypto ecosystem, the bulls are struggling to hold critical levels.
Will the rising pressure result in an extended correction phase in SUI market price SUI $2.03 24h volatility: 7.4% Market cap: $6.61 B Vol. 24h: $1.73 B to hit the $3 psychological mark? Let’s find out.
In the daily chart, the SUI price trend reveals a strong bearish engulfing candle formed on January 28. This accounts for a 7.5% drop and undermines the possibility of a morning sharp ending after the hammer candle formation on January 27.
Furthermore, the bearish engulfing candle extends the 5-day bearish run after a minor halt. Currently, the layer 1 token trades at a market price of $3.62, with a higher price rejection from $3.79.
Accounting for a 0.69% intraday drop, the SUI price has broken under the 100-day EMA line. Furthermore, the bearish engulfing candle has given the lowest closing price since the last 49 days. Hence, the technical indicators clearly give up sell signal.
Despite the short-term bearish influence, the SUI token finds growing support in the crypto community. Recently, the Phantom wallet, well-known in the Web3 community, has extended its support for the SUI blockchain.
💧 🤝 👻
Sui is now live on @Phantom!
Send, swap, and explore the first Move-based chain on Phantom. pic.twitter.com/tjgXfgWRqZ
— Sui (@SuiNetwork) January 29, 2025
With this, phantom becomes the fourth layer 1 project to access Phantom’s 15 million monthly active users. Further, Sui is now the only Move-based chain to be fully supported on Phantom.
As the extended support comes after the pre-planning in December, the Sui Foundation’s Managing Director Christian Thompson said:
“The launch of Sui as the first Move-based chain on the Phantom Wallet validates what the community has accomplished in the past year.”
With the integration, the phantom users can manage their SUI-based tokens and the native tokens like BLUE and SEND. Furthermore, it offers features for swapping assets and interaction with decentralized applications like SUILEND, NABI, Aftermath, and Bluefin.
Despite the growing bearish influence on the daily price chart, the 12-hour time frame reveals a bullish possibility. In a recent X-post by Martinez Ali, an independent analyst, the TD sequential indicator gives a buy signal.
As the technical indicator anticipates a price rebound, the broader market sentiments will play a critical role.
Based on the current SUI price action analysis, bulls must sustain above the 100-day EMA line for an extended rally. In an optimistic case. This will likely test the 60-day EMA at the $4.29 mark.
However, a bullish failure to absorb the rising supply pressure will likely test the 200-day EMA near the $3 mark.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Vishal, a Bachelor of Science graduate, began his journey in the crypto space during the 2021 bull run and has since navigated the subsequent market winter. With a strong technical background, he is dedicated to delivering insightful articles rich in technical details, empowering readers to make well-informed decisions.
