SUI Price Holds Key Support Zone as Market Awaits Next Breakout

Sui (SUI) is showing consistent market performance as investors are closely following its subsequent movement after a recent market decline. After a correction from its 2024 highs, it appears that the token has been stabilizing at a critical level.

At the time of writing, SUI is trading around $1.82, with a 24-hour trading volume of $1.84 billion and a market capitalization of $6.91 billion. The token has seen a minor 0.56% increased over the last 24 hours, reflecting a short pause after its recent recovery move.

Source: CoinMarketCap

SUI Holds Key Weekly Accumulation

Well-known crypto analyst Crypto Patel recently gave a detailed analysis of SUI’s long-term prospects, indicating that the coin may have substantial upside potential ahead of it. According to his analysis, the coin is currently sitting on an important accumulation zone on its weekly charts, after a strong correction from its peak last year. Such a period is usually a strong indicator of increased buying by large players.

Source: X

From a technical perspective, there are a number of positive indicators that are in effect. Price has already broken through the sell side of the market around the recent lows and has made a strong recovery against the important weekly support level of $1.30 to $1.50, which has been fully tested. The coin has made a strong recovery of nearly 45% from the support level.

Crypto Patel points out that if SUI/USDT remains above $1.20, the bullish thesis will remain in place. On the basis of the current scenario, the analyst has identified potential levels of $5, $10, and even $20, depending upon the structure of the price action.

The analyst also made a point to remind followers of the previous shared entry area around $1.50-$1.30, in which nearly 50% gains have already been realized on a swing basis. However, it is a weekly-based setup, which is a bit patience-testing, especially when considering spot or swing trading. The $1.20 weekly close will negate the outlook.

Also Read | SUI Hits Major Milestone with 21Shares 2x Leveraged ETF Launch

SUI Consolidates After Strong Rally

Adding to this thought, another analyst, BitGuru, observed that SUI has recently had a strong upward movement and is currently in a healthy period of consolidation. As per BitGuru, price compression at this stage of a trend typically precedes an upcoming movement in price, indicating that this current stagnation might be setting up for something.

Source: X

Overall, the price movement of the coin is indicating that the market is just taking a breather while still holding key levels of support. If that is the case, the token is likely preparing for the next leg up, according to analysts.

Also Read | SUI Shows Strong Recovery Signs as Price Stabilizes Around $1.85