Key Insights:
- Sui trades below $3.60, with analyst Ali Martinez warning of a retest near $3.17 support.
- On-chain data shows Spot Taker CVD negative, reflecting stronger selling pressure since mid-July.
- Momentum indicators like RSI and MACD confirm bearish tone, suggesting downside risk toward $3.33 or $2.90.
Sui (SUI) is trading near $3.51, with a 24-hour trading volume of $1.42 billion. The token has fallen 2% in the past day and is down 6% over the past week. The daily chart shows SUI losing ground after repeated attempts to push higher, slipping below short-term supports that once provided stability.
Analyst Ali Martinez noted that “$SUI is likely to test $3.17 support before another breakout attempt.” The $3.17 level aligns with the 62% Fibonacci retracement zone and the ascending trendline that has guided the token’s uptrend since April. If this level holds, the setup could provide a base for a potential rebound.
On-Chain Data Signals Bearish Pressure
Data from CryptoQuant indicates that SUI’s Spot Taker Cumulative Volume Delta (CVD) has turned negative and continues to decline. This metric measures the difference between taker buy and sell volumes over time. A decreasing negative value suggests a “Taker Sell Dominant Phase,” showing that sell orders currently outweigh buy orders in the market.
The shift in CVD trend has been ongoing since mid-July, adding weight to the recent price weakness. The growing dominance of sellers points to reduced buying strength and supports the possibility of further downside pressure in the near term.
Momentum Indicators Reflect Weakness
Technical indicators confirm the market’s shift in tone. On Monday, SUI closed below an ascending trendline that had connected several higher lows since mid-June. The price also dropped under daily support at $3.65 and the 62% Fibonacci retracement at $3.62. This move signaled a transition from bullish to bearish structure on the daily chart.
However, the Relative Strength Index (RSI) reads 45, below the neutral 50 level, suggesting weakening momentum. The Moving Average Convergence Divergence (MACD) also showed a bearish crossover on Friday, issuing a sell signal. Both indicators point toward the possibility of extended downside action.
Potential Scenarios Ahead
If selling continues, SUI may test daily support at $3.33. A close below this level could extend losses toward the next key support at $2.90. These levels mark potential zones where buyers may look to regain control.
On the other hand, a recovery and daily close above $3.65 could shift momentum back upward. In that case, SUI may attempt to revisit the August 14 high near $4.18. For now, traders are monitoring whether the $3.17 support highlighted by analysts will hold as a base for the next move.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/sui-slides-to-3-51/