Key Insights:
- SUI coin recently broke below its key support level, sparking concerns of further downside.
- Exchanges have recorded an outflow of approximately $94.95 million worth of SUI tokens.
- A crypto expert shared that the SUI price might be heading toward the golden Fibonacci zone for its upcoming parabolic move.
SUI coin price may drop 12-15% as it fails to hold a key support amid the market uncertainty. Following prolonged consolidation near the $3.70 level, Bitcoin’s recent 4.5% price drop and a shift in market sentiment have turned SUI bearish, paving the way for a notable price decline.
Current Price Momentum
Currently trading near $3.58, SUI has dropped 1.5% in the last 24 hours and breached its $3.70 support level. This breakdown has turned market sentiment bearish, with trading volume plummeting by 70%, according to CoinMarketCap.
The sharp decline in volume alongside the price drop highlights growing bearish momentum, pointing to a likely continuation of the downtrend.
Experts’ View on SUI Coin
Despite SUI’s bearish outlook, some experts have shared a bullish view on the asset. In a post on X (formerly Twitter), some claimed that SUI could explode to $10 in this cycle. Others suggested that the SUI coin price is heading toward the golden Fibonacci zone (ranging between 38.20% and 50%), which could trigger a parabolic move in the coming days.
SUI Coin Price Action and Technical Analysis
According to the TradingView chart, the SUI coin price has recently broken below its key support level of $3.70 after holding it for 15 days.
This breakdown appears to signal the end of SUI’s bullish outlook and its ability to continue the upward rally, as the price has fallen below the support level, which now acts as resistance.
SUI Coin Price Prediction
Based on recent price action and historical patterns, if the current market sentiment remains unchanged and the SUI coin price closes a daily candle below the $3.52 level, it could trigger a bearish scenario, with the price potentially experiencing a 12% downside momentum until it reaches the $3.15 level.
On the other hand, if the SUI coin price reclaims the $3.70 mark and closes a daily candle above it, there is a strong possibility that it could shift the current bearish outlook.
At press time, SUI’s Relative Strength Index (RSI) stands at 49, indicating neutral momentum in the market, with neither strong buying nor selling pressure dominating. However, increased trader interest on either side could soon push the asset in a decisive direction.
Mixed Sentiment Seen in On-Chain Metrics
However, traders and investors have different views, with some betting on the bearish side while others are accumulating and setting an example of the buy-the-dip strategy, as reported by the on-chain analytics firm Coinglass.
$95 Million Worth of SUI Outflow
Data from spot inflows and outflows reveal that exchanges have witnessed an outflow of a significant $94.95 million worth of SUI tokens over the past weeks.
This substantial outflow hints at potential accumulation by investors and long-term holders, which could create buying pressure and lead to a further upside rally.
$18 Million Worth of Bearish Bets
Meanwhile, traders have been strongly betting on the bearish side. Coinglass’s SUI exchange liquidation map reveals that traders are focused on two levels: $3.50 on the lower side and $3.72 on the upside. They have built $14.84 million worth of long positions and $18 million worth of short positions.
These levels appear to be over-leveraged, with traders betting on short positions currently dominating, as they believe the SUI coin price won’t cross the $3.72 level anytime soon.