The $SUI futures launch on October 20 marks a major milestone for the Sui blockchain. | Credit: Hameem Sarwar/CCN.com
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Key Takeaways
SUI has dropped 17% in the past week, falling into a descending channel.
The RSI has hit the oversold level, raising the probability of a rebound.
Holding above $3.20 could spark renewed buying and a recovery — how?
The past few weeks have been rough for Sui (SUI). Over the past seven days, the altcoin’s price has dropped by 17%.
Interestingly, the coin has finally hit a key support zone. This level attracts attention from traders who are now watching closely to see whether the market will bounce or sink further.
SUI Set to End Correction
SUI’s sell-off was not unexpected. For some time in the year, the coin rallied aggressively, pushing its valuation above $5.
Profit-taking soon kicked in, with bearish momentum pressing prices downward. The token dropped nearly one-fifth of its value in just a short span. On the daily chart, SUI’s price is trapped in a descending channel.
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As long as the altcoin fails to drop below the support line, SUI will likely bounce toward the resistance at $4.05
Support Holds the Key
Right now, SUI is hovering at a critical technical level. This support has served as a reliable base in the past and now acts as the last line of defense before deeper declines.
If the price holds above $3.20, confidence could return quickly. In that case, bulls may step back in, using the level as a springboard for higher highs in October.
Conversely, SUI’s price risks sliding into a prolonged downtrend if this level fails. That could open the door for tests of lower zones and even a retest of long-term moving averages.
Zooming out, the broader crypto market is adding to the uncertainty. Bitcoin (BTC) is consolidating under resistance, dragging altcoins into choppy waters.
Even so, October has historically favored crypto rallies. If seasonality aligns with a Fed rate cut or other bullish macro catalysts, optimism could return fast—giving SUI the fuel it needs to bounce back.
SUI Price Analysis
Heading into next month, traders will be watching for confirmation signals. A bounce off support, rising volumes, and renewed momentum could pave the way for a trend reversal. If that happens, SUI’s price may quickly recover some of its recent losses.
On the 4-hour chart, the Relative Strength Index (RSI) has slipped below 30.00, placing the altcoin in oversold territory.
This suggests a rebound is likely. If SUI climbs above the $3.44 resistance, the next upside target sits at $3.83 (the 0.618 golden ratio). A breakout there could push the token’s market value toward $4.45.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
