Sui’s price remains elevated above its critical support area, even in the wake of the recent token unlock, and is looking for a potential bullish turnaround if it manages to surpass the significant resistance level at $2.52.
Currently, Sui (SUI) is priced at $2.31, staying above the important support range of $2.10 – $2.20, despite the token unlock that occurred on April 1. This price level has been maintained since March 11, following its yearly low near $2 after the decline from its all-time high of $5.35 on January 6.
Nonetheless, the SUI price is undeniably in a downtrend, trading below both the 20-day Exponential Moving Average at $2.41 and the 50-day Simple Moving Average at $2.67. The 20-day EMA is acting as immediate resistance; SUI tried to breach this level at the end of March and even briefly touched the 50-day SMA but faced rejection. The RSI stands at 45.09, indicating weak yet improving momentum. The moving average of the RSI is at 46.35, suggesting that buying strength is gradually building, though it remains below the neutral mark of 50. This shows that bullish control has yet to be established. Currently, there is no significant volume spike, indicating market uncertainty persists.
Nonetheless, the chart appears mildly optimistic, particularly as SUI has maintained its hold above the support level of $2.10 – $2.20 for several weeks. Furthermore, it has not set a new lower low since March 11 and has repeatedly tested the 20-day EMA, indicating that buyers are contesting the short-term resistance. If the price continues to respect the current support and manages to break through the next resistance zone at $2.50 – $2.55, it could signal a trend reversal, with the next significant resistance at $2.67 (50-day SMA).
In addition, technical analyst Ali Martinez recently pointed out that SUI has formed an inverse head and shoulders pattern, hinting at a potential short-term bullish reversal if it crosses above $2.52.