SUI is trading under bearish pressure and is eyeing a decline in its value, mirroring the broader market sentiment. As Bitcoin is moving in a downward direction, it is impacting the overall market, including altcoins. But experts are predicting a bullish reversal for SUI, which may lead to $3.90.
At the time of writing, SUI is trading at $3.23 with a 24-hour trading volume of $964.51 million and a market capitalization of $11.37 billion. The SUI price over the last 24 hours is down by 1.74%, and over the last week it is also down by 6.8%.
Sui shows strength with a $3.90 breakout in sight.
A prominent crypto analyst highlighted that SUI is oscillating at $3.23, holding just above a necessary short-term bottoming zone after surviving a couple of cycles of corrections in recent trading sessions. This point is now a key battleground between buyers and sellers, and traders are highly keen to know if the token can consolidate or if downward pressure from selling is likely to push it. Whether it can hold or not is likely what determines where Sui goes next.
If support holds strong, Buyers may then contemplate reentering the market, viewing $3.53 as the next immediate area of resistance. By clearing a break above it, optimism can gain vitality once more among traders and give indications of bullish momentum reviving. On that matter, market participants shall await a potential retest of the $3.90 region, a region that has previously dampened upward spikes and recorded Sui’s recent swing high.
However, the probability of further decline cannot be ruled out. This will be a negative indication that if there is a clear break below $3.20, adopt stop-losses and acquire strength on the decline side. Sellers will reverse short-term negative sentiment and prompt traders to expect deeper retracements by driving the price movement.
