Despite a 10% drop in SUI price amid broader market sell-off, the technical setup shows potential for a price recovery and a new all-time high.
SUI SUI $3.68 24h volatility: 1.2% Market cap: $11.99 B Vol. 24h: $1.57 B , the native cryptocurrency of the Layer-1 Sui blockchain network, has come under strong selling pressure amid the broader market sell-off. Despite today’s 10% fall, the SUI price charts and technical setup show potential to hit a fresh all-time high.
As of press time, the SUI price is trading 9.68% down at $4.38 with daily trading volumes shooting up 82% to $1.63 billion. As per CoinGlass data, the 24-hour liquidations have shot past $10 million, with more than $9 million in long liquidations.
Over the past ten days, the SUI funding rate has remained positive showing continued optimism among traders despite the recent price drop. The sustained outlook suggests that market participants are eyeing an SUI price recovery and a potential new all-time high ahead. The bullish sentiment within the SUI community could provide the momentum needed for a rebound.
-
Source: Coinglass
Taking a macro perspective, SUI’s Relative Strength Index (RSI) remains above the neutral 50.0 level, staying within the bullish zone. Although there are minor downticks suggesting small bearish action, it isn’t significant enough to cause major downward movement. This resilience further enhances the likelihood of a potential price reversal.
The RSI’s position in bullish territory reflects consistent buying pressure, which could help prevent further declines. If the indicator maintains its current level or continues to rise, it could strengthen SUI’s prospects of recovering recent losses and reaching a new all-time high (ATH).
-
Source: TradingView
SUI Price Rally to Continue Among Strong Inflows?
While the rest of the crypto market has been seeing strong selling pressure, the SUI altcoin has witnessed strong inflows just after Solana, in the last 24 hours.
-
Source: Artemis
In the last 24 hours, the SUI price has corrected more than 10% losing the crucial support of $4.79 and is trading at the next crucial support of $4.35 as of press time. While SUI is currently near its $4.35 support level, favorable market conditions could allow it to convert the $4.79 resistance into support. Should this occur, SUI may rally toward its previous all-time high of $5.36. Achieving this level would pave the way for a new all-time high.
-
Source: TradingView
The bullish outlook could be invalidated if SUI drops below the $4.35 support to around $4.05 or lower. This would likely trigger bearish sentiment, increasing selling pressure and potentially causing further declines, which could hinder the altcoin’s recovery.
next