Like many other assets in the market, Sui’s (SUI) price faced a prolonged correction during the first quarter of the year. But within the first 14 days in April, the altcoin experienced respite.
As a result, SUI’s price has increased by 27% within the last seven days. This price increase was due to favorable macroeconomic conditions and rising buying pressure.
However, with a new week already here, it appears that the SUI rally could be fading.
Here is what could be next if buying pressure fails to intensify as it was last week.
Since Jan. 22, SUI’s price has been trading downward, falling to form higher highs or holding a rally. But things changed last week after the altcoin broke out of the falling trendline on the daily chart.
Amid this shift in trend, SUI reclaimed the $2 mark. The Chaikin Money Flow (CMF) crossed above the zero signal line, which is in line with the price increase.
The rise in the CMF reading indicates an increase in buying pressure. This helped SUI’s price hold its ground above the upper trendline.
However, as of this writing, the CMF reading has dropped below the zero signal line.
This indicates that buying pressure is fading, and sellers are taking control. If sustained, SUI’s price risks falling below $2.
Furthermore, this sentiment is also reflected in the Supertrend indicator. The Supertrend helps identify the market’s direction and potential entry or exit points.
It is based on the Average True Range (ATR) to determine volatility and uses a combination of price and ATR to plot a dynamic line on the chart, acting as a support or resistance level.
When the Supertrend line is below the price, it signals an uptrend. However, when it is above the price, it signals a downtrend.
As of this writing, the red line of the Supertrend has risen above SUI’s price, indicating that the token faces a potential sell signal near $2.65.
Should the green line of the indicator fail to show up below the market value, the next target for SUI could be a drop to the $1.92 support.
In a highly bearish scenario, the price could drop to $1.60. On the flip side, if the price crosses above the Supertrend line, the trend might change.
If that were to happen, SUI’s market value might climb to $2.49 at the 0.236 Fibonacci level. Should buying pressure increase, the price might retest $3.
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.
