The SUI price chart is still stuck in a correction phase that began in May, and so far, there’s no convincing sign of a fresh rally. The price is still under downward pressure, particularly on the shorter timeframes, despite a few minor attempts at recovery.
Based on the overall pattern, analysts think the correction isn’t finished yet. The most recent analysis shows that the market should ideally dip slightly lower before preparing for a price spike.
Short-term, SUI has already retreated from its most recent May highs and is still following a consistent pattern. The price recently tested support at $3.05; if it drops below this level, it may move swiftly toward the next support at $2.79. According to the general mood of the market, one more decline is possible before a proper recovery can start.
Analysts are keeping a close eye on the $3.38 mark for a possible bullish turnaround. A significant price rally may begin if SUI is able to break above this level. But unless this happens, the downward pressure is probably going to continue for the time being.
Bullish Picture For SUI:
An expert has given a positive report on SUI, indicating that the token might be currently in a bullish consolidation period. The analyst said that the price is still below a resistance area — called the BOS zone — that the market structure is, however, locally bearish for now.
However, the mood could quickly become positive when the price manages to get above that important level. The expert said that traders should look for a definite breakthrough and then re-test the zone’s re-test. If the price remains there securely, that would be a good sign of a bullish reversal in trend. After SUI goes into price discovery, it will be able to reach more than $10 in its next big rally.
