Highlights:
- SUI price Plummets 4% as trading volume rises, indicating renewed token interest.
- Despite the market sentiment being gloomy, SUI’s TVL is still sky-high.
- Sui price enters a consolidation phase—will this act as an accumulation period before a strong leg up?
SUI price is in focus today, as it has plummeted 4% to trade at $1.95 on Friday during the European trading sessions. Despite the plunge, its 24-hour trading volume is rising, as it has increased 0.17% to $734.23 million, signaling growing token interest. Moreover, SUI has exited the red zone, boasting a 1% increase in the past week, a 4% rise in the past month, and a whopping 351% in a year.
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Despite the slight tumble in the crypto market, SUI still holds strong above the key support level of $1.8 – $1.9. This might act as a pit stop before the next leg of the journey. Moreover, while the overall market sentiment might be a bit gloomy, the SUI Network’s fundamentals remain solid. This is evident as the TVL is still sky-high, and daily user and transaction numbers are impressive.
Meanwhile, as long as SUI stays above that support level, the token could be in for some exciting times, potentially reaching $3. Let us dive into the technical outlook and explore.
Sui Statistica Data
Based on CoinmarketCap data:
- SUI price now – $1.95
- Trading volume (24h) – $734.23 million
- Market cap – $5.56 billion
- Total supply – 10 billion
- Circulating supply – 2.85 billion
- SUI ranking – #18
The SUI price resumed a steady uptrend on October 28, reaching the $2.09 mark before a slight plunge. This has led to a tug-of-war between the bulls and the bears, forcing the Sui price into a consolidation phase. Over the past few days, the SUI price has been stuck in a tight range, with the upper limit/resistance at $2.09 and the lower limit/support at $1.93.
SUI Price Enters a Consolidation Phase
This moving period between horizontal support and resistance levels may act as an accumulation period before the bulls initiate a strong move upward. Based on the technical information, there is a tug-of-war between the bulls and the bears, and neither gives in.
The Sui price trades well above the 50-day Simple Moving Average(SMA)(green), tilting the odds in favor of the bulls. In this scenario, the SUI price has established strong support at $1.89, which may enable the bulls to rally the price to higher levels.
Moreover, the Relative Strength Index is below the 50-mean level at 49.16. This shows that the sellers may gain control if the bulls don’t portray enough momentum in the market. Worsening the outlook is the Moving Average Convergence Divergence (MACD), which has plunged below the orange signal line. This suggests that traders and investors will sell SUI unless the MACD changes.
SUI Price Outlook
The Sui price shows mixed reactions as the bulls and bears are at war to gain control. However, increased buying appetite at this level will cause the SUI price to rise. In such a case, a breach and break above the $2.09 mark will see the bulls resume a meaningful uptrend targeting $2.3 or above to $3.
The price could drop if the bears capitalize on the dwindling MACD momentum that upholds a sell signal. In such a case, the $1.89 support level will be in line to absorb the potential selling pressure.
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