SUI price teeters on the edge of a breakdown | Credit: Derek Fenech
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Key Takeaways
SUI’s price is down 42% from its all-time high and hovers near weak support at $3.
Bearish indicators strengthen, indicating that the token is unlikely to stage a rebound.
Should SUI lose hold on the 0.382 bear market floor, its next target could be here.
Sui (SUI) price could be on the verge of dropping below $3 after plunging to a three-month low. As of this writing, the altcoin’s current price is 42% down from its all-time high.
The last time it hit this level was around mid-November 2024. With rising bearish momentum and potentially weak support, SUI faces a decisive moment—either staging a strong rebound or extending its downtrend.
SUI’s price surpassed $5, hitting a new all-time high on Jan. 6. Since then, the altcoin has been crippled, with the price hovering around the $3 support.
Zooming into the daily chart, CCN observes that SUI’s price, at $3.10, is a higher low than the price action of Oct. 28 and Nov. 5.
While the recent pullback is a warning sign, this support could make or mar SUI’s next move. If the token breaks below $3, a correction is possible.
However, if SUI resists further downturns, this could put the token on its pedal toward the $5 mark. At the same time, this potential move might also depend on other indicators.
For instance, the Relative Strength Index (RSI), which has historically played a key role in predicting the altcoin’s direction, is down. This RSI position indicates bearish momentum around SUI.
If the reading continues to fall, SUI’s price will likely drop far below the $3 support.
Correction Under $2 Looms
Looking at the daily chart again, other indicators present more of a bearish outlook than a rebound. As shown below, SUI’s price has fallen below the 20-day Exponential Moving Average (EMA).
The EMA is a technical indicator that gauges trends. When an asset’s price is above it, the trend is bullish, and the price is likely to increase.
However, the 20 EMA (blue) position indicates that the $3 support is weak in this case. The Awesome Oscillator (AO), which compares recent price movements to historic ones to determine momentum, supports this thesis.
When the reading is positive, momentum is bullish. However, as of this writing, the AO’s rating is negative, signaling bearish momentum, like the RSI, as stated earlier.
Considering the positions of these indicators, SUI’s price is likely to drop below the 0.382 Fibonacci retracement point at $2.34. If that happens, the next point the altcoin could reach is $1.62.
Conversely, if market conditions improve, SUI might experience a break to the upside. But for that to happen, it first has to breach the resistance at $3.50.
Should this be successful, SUI’s price might climb to $4.33.
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.
