Key Insights:
- If the downside momentum continues, Sui (SUI) could see another 10% fall and reach the $2.75 level.
- On-chain metrics reveal that exchanges have seen an outflow of $32.93 million worth of SUI crypto.
Amid the ongoing market uncertainty, SUI crypto faced intense selling pressure, pushing it down to a crucial horizontal support level. This time, Bitcoin seems to be the primary driver behind the shift in sentiment.
Current Market Sentiment & SUI Crypto Price Momentum
Over the past 24 hours, Bitcoin and other major cryptocurrencies have fallen sharply, pulling the broader crypto market down. SUI crypto has dropped 7% today, revisiting its early May 2025 price levels. Back then, it experienced a 30% surge in upside momentum.
At press time, the overall cryptocurrency market was down by 2%. SUI price was trading near $3.33 and had recorded a 7% price decline. During the same period, participation from traders and investors skyrocketed, leading to a 45% surge in recorded trading volume.
Despite the price decline, trading volume is surging, showing bearish momentum. This increase could amplify downward pressure on the asset.
Expert’s Bullish View on SUI Crypto
Despite the bearish outlook, traders remain optimistic. Experts on X (formerly Twitter) have been sharing bullish predictions for the market.
Crypto expert @AltCryptoGems shared that SUI crypto is undergoing a deep correction. This trend aligns with broader market movements. The expert further noted that this correction is more like a consolidation within a clear uptrend.
The chart shows SUI repeatedly shifting between impulsive moves and corrections. This cycle has occurred multiple times in the past. The expert suggests that SUI crypto may follow this pattern again. The uptrend remains valid if SUI stays within the green zone.
Meanwhile, another well-followed crypto expert noted that the Sui ecosystem is starting to look fundamentally stable here.
He added, “The foundation team has shown immense support to the builders, strengthening community trust! Expecting a bit of downside here due to market structures, but I am a bidder soon at the levels marked.”
SUI Crypto Price Action and Upcoming Levels
Despite bullish expert opinions, SUI crypto faces a critical moment. A small price drop could trigger strong downward momentum. Previously, it broke above a key resistance level but failed to maintain it. Now, it is finding local support at $3.20.
Sui has dipped in the last 24 hours, forming three consecutive red candles. Despite this, it remains above the 200 EMA on the daily time frame. This position indicates that the asset is still in an uptrend. The market may see further price action depending on upcoming movements.
SUIUSDT Daily Chart | Source: TradingView
SUIUSDT Daily Chart | Source: TradingView
If SUI crypto loses its local support, another 10% drop is likely. The price may fall until it reaches the next key support at $2.75. This decline aligns with past price patterns and market trends.
If sentiment improves, the price may remain above local support. It could stay between $3.20 and $3.85 until overall market sentiment changes.
$33 Million Worth of SUI Outflow
Investors and long-term holders are taking advantage of the market dip. They are accumulating a significant amount of Sui. On-chain analytics platform Coinglass reports this trend.
During the past 24 hours, SUI crypto saw a $32.93 million outflow from exchanges. This is a substantial movement of funds. The outflow suggests that investors may be accumulating tokens.
Overall, SUI crypto appears bullish and is in an uptrend, supported strongly by investors. However, due to weak market structure, it is facing challenges and may see further declines if the sentiment remains unchanged.