After a sharp 50% weekly decline, SUI’s price stabilizes near a key demand area — traders eye potential rebound toward $3.20 if momentum strengthens.
SUI (SUI/USDT) is showing signs of stabilization after a steep correction that erased over half of its recent gains. As of press time, SUI trades near $2.76, hovering just above a crucial support range between $2.60 and $2.80. The token’s short-term outlook depends on whether bulls can defend this level amid broader market volatility and declining trading volume.
SUI Price Analysis and Technical Levels
The daily chart indicates that SUI recently broke below the $3.20–$3.40 resistance zone, triggering a cascade of sell orders before finding footing at its previous accumulation range near $2.70.
Historically, this zone acted as a strong demand area, seen during the recovery phase earlier this year when price surged from a descending channel breakout. The pattern suggests that buyers have consistently re-entered near this level, treating it as a base for renewed upward momentum.
If buyers maintain control, the first target lies around $3.15–$3.25, followed by a secondary resistance near $3.80–$4.00. However, a daily close below $2.60 could trigger further declines toward $2.20 or even $1.85, marking a deeper retracement phase.
The recent volatility in SUI’s price coincides with broader weakness across the altcoin market. “SUI is currently in a technical retracement phase, not a structural breakdown,” said BITX senior analyst . “As long as it holds the $2.60 zone, we can expect short-term recovery attempts toward $3.20.”
On-chain data supports this cautious optimism. Volume indicators show reduced selling pressure compared to early October, while exchange inflows have declined, indicating that short-term holders may be reducing liquidation activity.
Still, traders are advised to watch for confirmation candles near the current support region before anticipating a reversal.
SUI’s price remains in a delicate balance between renewed accumulation and further downside risk. The $2.60–$2.80 demand zone is critical; holding above it could spark a short-term rebound, but losing it might open the door to deeper corrections.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.