SUI, the native token of the Sui blockchain, is facing a bearish market sentiment and is expected to experience a significant price drop. The token has formed a bearish price action pattern on its daily time frame and has failed to hold the crucial support from the ascending trendline. This shift in sentiment has confirmed the bearish breakdown of SUI.
According to expert technical analysis, the recent price decline of SUI has shifted the sentiment towards the bearish side. Based on the price action and historical momentum, if SUI remains below the $4 level, it could potentially drop by 35% to reach the $2.30 level in the future. The Relative Strength Index (RSI) of SUI currently stands at 35.5, indicating room for further price declines.
At present, SUI is trading near $3.66 and has experienced an 8.50% price decline in the past 24 hours. The trading volume has also dropped by 55%, suggesting lower participation from traders.
In addition to the bearish price action and market sentiment, long-term holders of SUI are accumulating the token, indicating a potential buying opportunity. On-chain analytics firm Coinglass has reported a significant outflow of over $18.5 worth of SUI tokens from exchanges. This outflow suggests potential accumulation and can create buying pressure and further price surges, despite the current bearish sentiment.
The major liquidation levels for SUI are currently near $3.56 on the lower side and $3.85 on the upper side. Traders are over-leveraged at these levels, as reported by Coinglass.
Note: Investments carry market risks. Please invest carefully. We do not accept responsibility for any financial losses.
