SUI Hits Resistance Wall: 6% Plunge After $3.95 Rejection
Another day, another crypto getting smacked down by overhead resistance. SUI’s rally just got a reality check—traders dumped it hard after failing to break $3.95.
Funny how these ’decentralized’ assets still obey old-school technical levels. Guess even blockchain can’t bypass gravity.
Now watch the usual suspects spin this as ’healthy consolidation’ while leveraged longs get liquidated. Crypto never changes—just the ticker symbols.
SUI Uptrend Peaks At $4.20 Before Sharp Reversal
MAB’s recent analysis highlights that from May 20 to May 23, sui experienced a clear uptrend, marked by consistently higher highs and higher lows. The steady upward movement peaked around the $4.20 level, reflecting strong bullish momentum during that period.
However, shortly after reaching its peak, SUI faced a sharp reversal. Large red candles appeared on the chart, indicating heavy selling pressure and a rapid loss of value. This sudden downturn from the recent highs caught many by surprise, with profit-taking triggering fears in the market.
Volume analysis further supports this narrative. There was a notable spike in volume at the peak and during the sell-off, showing strong market participation in the decline. Currently, trading volume remains elevated at around 462.57 million USDT, which indicates continued activity.
SUI is now testing a critical support zone between $3.6000 and $3.6500. A break below this area might pave the way for further losses, pushing the price down to the 24-hour low NEAR $3.5233 or even lower.
Market Sentiment: Fear Or Opportunity?
Crypto Man MAB elaborated on the market dynamics by pointing out clear bearish signals alongside potential bullish opportunities. He noted that the sharp decline from the $4.20 peak and the inability to maintain levels above $3.8000 signal that bearish momentum is dominating. This is supported by the 7-day performance, which shows a 5.62% drop, underscoring the prevailing short-term weakness.
On the bullish side, the analyst pointed out that if the crucial $3.6000 support level holds firm, there could be a rebound toward $3.8000, a previous resistance turned into a support level. This support could encourage SUI buyers to re-enter the market, setting the stage for upward movement.
Looking beyond the immediate fluctuations, the analyst emphasized that the 30-day gain of 20.29% and the 90-day gain of 5.90% reflect an overall positive trend for SUI. Despite recent setbacks, this suggests that a sustained recovery remains possible if buying pressure strengthens.
To sum up, he highlighted that SUI stands at a crucial crossroads, and a drop below the $3.6000 support could lead to additional downside pressure. However, a strong bounce from this zone might pave the way for a recovery supported by increasing volume, whereas growing volume on a decline WOULD reinforce the bearish outlook.
