Earlier this month, the SUI price hit a new all-time high (ATH), but has recently fallen 21%, breaking through key support levels and raising concerns.
Currently, SUI is trading below an important support level, which could challenge the uptrend. Despite the decline, the market sentiment is cautiously optimistic.
SUI Traders Maintain Hope
SUI's macroeconomic momentum reflects a deepening downtrend, as evidenced by technical indicators like the Relative Strength Index (RSI). The current RSI, at a 2.5-month low, has fallen below the neutral level of 50, indicating weakening price movements. The prolonged decline and low RSI suggest strengthened downward momentum, which could exert additional pressure on SUI prices.
As the RSI continues to decline, this indicator suggests the current trend will persist unless there is a significant change in the market. Sustained RSI below 50 could create a cautious sentiment among traders and impact short-term demand. If SUI fails to find stronger support, further declines are anticipated.
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Despite the price decline, SUI's funding rate has remained positive, suggesting traders are hopeful for a recovery. The positive funding rate during the price decline reflects an underlying optimism, indicating many traders anticipate a potential rebound. This optimism may represent the confidence of holders who believe in SUI's long-term value, despite the recent volatility.
However, the persistent price decline challenges this optimistic outlook, and traders are awaiting signs of stabilization. The positive funding rate reflects a divided sentiment: while the macroeconomic momentum shows a downtrend, some investors remain steadfast in their expectations for SUI's ultimate recovery. This cautious optimism may provide stability to the cryptocurrency as it navigates the current decline.
SUI Price Prediction, Support Maintained
Last week, SUI's price fell 21% after reaching an all-time high of $2.36. Considering the current downtrend, further declines could pull SUI down to $1.45, a level that previously acted as support. This will be a crucial test of investor sentiment towards the cryptocurrency.
The $1.45 level was an important support in the past, but SUI may linger around this price as the market sends mixed signals. The possibility of a recovery at this level remains, but macroeconomic conditions need to improve for sustained growth.
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If SUI's price fails to hold at $1.45, the cryptocurrency could further decline to $1.16. This would represent an extended downward phase, exacerbating investor losses and challenging long-term confidence.
