Sui Price Faces Strong Resistance: Retracement or a Full-Blown Correction?
Over the past month, the Sui price has delivered one of its strongest performances, but recent developments suggest a shift in momentum. After reaching a critical resistance level and a new all-time high, SUI has shown signs of buyer exhaustion. Following a remarkable 182% rise since the beginning of September, the asset has now retraced by 16%.
The key question remains: Is this just a brief pullback, or is SUI entering a deeper correction phase?
The latest U.S. Consumer Price Index (CPI) data, released yesterday, came in slightly above expectations, putting additional pressure on the crypto market. This led to Bitcoin sliding below $60,000, dragging the broader market down with it. SUI was no exception, as the token’s precarious position worsened following the release.
Exchange Netflows Indicate Potential SUI Price Correction
Data from Coinglass reveals a significant increase in SUI exchange inflows over the past two weeks, hinting that holders may be preparing to sell. Coinbase and Binance were the primary recipients, with inflows of $15 million and $12.55 million, respectively. Interestingly, SUI price began to falter on October 7, and has since continued to decline.
This surge in exchange inflows has unsettled traders, as it’s typically a bearish signal. According to Coinglass’ Crypto Derivative Visual Screener, market sentiment for SUI is gradually turning negative. Both the price and open interest have dropped, indicating that traders who failed to secure profits at the top are closing their long positions at a loss. As this unfolds, the market tends to see an increase in short positions, reinforcing the notion that SUI’s price could face further declines.
Supporting this outlook, Coinglass’ Liquidation Map shows that cumulative short liquidation leverage is currently outpacing long positions, further illustrating the growing bearish sentiment. Traders seem to be anticipating additional downside risk for SUI.
At present, the price of SUI has fallen by 4% in the last 24 hours, settling at $1.80. Technical analysis suggests that if current market conditions persist, the token could face a significant drop—potentially up to 40%—in the near future.
Sui Price Outlook: Will SUI Plummet to $1?
A closer look at SUI’s 12-hour chart reveals a bearish pattern that suggests the possibility of a sharp decline. Previously moving within a well-defined upward channel, the price has now broken below this structure, signaling a bearish reversal.
This breakdown from the rising channel indicates that the bullish momentum has weakened, with sellers gaining control. The presence of bearish engulfing candles further supports this, suggesting that the bears have the upper hand.
The technical projections suggest a possible 43.44% drop, which would target the psychological support level of $1.00. This level could serve as a floor if the downtrend intensifies, and it will be crucial to monitor whether SUI can hold at this point.
Should the $1.00 support fail, further declines are likely. On the upside, the broken channel’s middle, at $2.00, now acts as the immediate resistance. If bulls manage to push the price back into the channel and break through the $2.00 resistance, it would signal renewed strength. In this scenario, SUI could retest its previous all-time high of $2.20 and potentially enter price discovery.
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