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SUI Price Prediction: Can Bulls Push Toward $3.80 After Recent Dip?

Highlights:

  • SUI price sits near $3 support, a crucial zone for buyers to defend.
  • A breakout above $3.78 could push momentum toward the $4–$5 range.
  • Token2049 and SUIFest may spark renewed momentum in the coming week.

The crypto market has been volatile this week, with the overall market cap dropping from highs of $4 trillion to $3.77 trillion. The trading volume has also plunged by 40% to $94 billion, fueling the bearish outlook in the market. Moreover, the fear and greed index has entered the fear zone at 34 levels. 

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SUI’s price has fallen by 12% in the last week, with a market capitalization of $11.4 billion. The daily trading volume has eased, falling 32% to $1.17 billion, following an increase earlier in the month. In the past 24 hours, the price has narrowed down to a close range of between $3.12 and $3.23. Currently, the price is hovering around $3.12, down by 2.60%.

SUI Price Points to Key Buy Zone Before Bounce

Following a recent downward trend, the SUI price is indicating a possible shift. The altcoin is currently trading at around $3.20. Analyst Ali Martinez pointed out a key support region near the $3 mark. At this price, there is a possibility of buying interest should the price drop further.

The chart indicates a downward path that price action has followed over the weeks. In this channel, buyers might seek to protect the lower limit of around $3.10. Should this support prevail, then a recovery up to higher levels should still be possible.

The upside projections are in the range of $3.35 to $3.80. Resistance in the mid-range at around $3.57 may challenge the strength of buyers. Breaking above $3.78 would clear the way to $4 and further. However, a drop below $3 support can result in further correction.

Analyst Sees Key Week Ahead for SUI

Adding further to the positive momentum, market analyst Michaël van de Poppe noted the week ahead might be decisive for SUI. Significant projects like Token2049 and SUIFest will put the ecosystem to the forefront. South Korean headlines also show the increasing use of SUI in payments.

Furthermore, the analyst pointed out that the chart structure displays solid support. He pointed out an evident accumulation region on the daily chart. Poppe opined that SUI may accelerate when it clears short-term moving averages.

He also emphasized levels of resistance that would trigger an impulse movement. The partnership of WAL and SUI announced onboarding a volume of payment of $4 billion annually. Poppe argues that breaking the barriers would lead to the next major rally.

Technical Analysis – Will SUI Price Correct Further?

Looking at the technical indicators on the 4-hour chart, SUI has been trading in a descending pattern since failing to break the $4 mark on September 18. The red candlesticks continue to rule the chart, erasing its recent gains. 

The Relative Strength Index (RSI) has dropped toward the oversold levels, indicating an increase in selling pressure as buyers step aside. Moreover, the MACD is losing its positive outlook as the green bars on the histogram continue to fade away. 

SUI Price Prediction: Can Bulls Push Toward $3.80 After Recent Dip?
Source: TradingView

With immediate support from the $3.08 region, a bullish reversal could send SUI’s price to the resistance at $3.26. However, a strong bullish rally could see the price retest the key resistance near the $5 mark. Failure to hold above the current support could lead to a further price correction.

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