SUI Dips to $3, Bullish Trend Remains Intact
Key Takeaways
- The altcoin SUI is showing short-term weakness, although the overall trend remains bullish.
- A drop to USD 3 is likely – based on liquidity zones and market dynamics.
- Technical indicators such as CMF and MFI suggest capital inflows and momentum.
- Traders should monitor Bitcoin’s price before investing in SUI.
Current Market Situation of SUI
SUI, the native token of the Sui network, posted significant price gains at the end of April. However, since May 2, the price has dropped by approximately 8.8%. Despite this correction, the broader market structure on the daily chart remains bullish. The breakout above the previous intermediate high at USD 2.78 on April 23 was a clear signal of a potential trend reversal.
Technical Analysis: Supports and Resistances
Technical analysis shows that the support zones at USD 3.14 and USD 3 are relevant in the short term. These so-called liquidity points – price areas with high trading activity – often attract the price. Below that, there are additional potential support levels at USD 2.80 and USD 2.30. However, these are considered less likely to be reached in the short term.
Indicators Confirm Capital Inflow
Two important technical indicators provide additional insights:
- CMF (Chaikin Money Flow): A value above +0.05 indicates that capital is flowing into the market – a positive sign for buyers.
- MFI (Money Flow Index): This indicator confirms momentum and currently does not show a bearish divergence.
The combination of these signals points to continued active demand, even though short-term pullbacks are possible.
Bitcoin as a Key Influence
Bitcoin’s (BTC) price development has a direct impact on the altcoin market. After BTC recently failed to break through the USD 97,000 level, SUI followed the downward trend. If Bitcoin stabilizes or rises again, SUI could benefit as well. Conversely, a further decline in BTC increases the likelihood that SUI will fall to USD 3 or lower.
Opportunities and Risks for Traders
A pullback to USD 3 could represent an entry opportunity for risk-tolerant traders. This level is considered a psychologically important support. However, those who prefer a more cautious approach should wait for developments in Bitcoin. If the market recovers, prices up to USD 3.90 for SUI could be realistic – this is where a potential target zone for buyers is located based on liquidity data.
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Our Assessment
SUI is in an interesting phase. The overall uptrend remains intact, but a short-term pullback to USD 3 is looming. Traders should keep an eye on this level and also monitor Bitcoin’s performance. Those betting on a recovery may find a possible entry point at USD 3. Cautious investors should wait for trend confirmation before taking action. The next few days could be decisive.
Sources
- TradingView
- Coinglass
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