SUI’s $3.15 Support: A Make-or-Break Moment for Buyers

SUI, the native token of the Sui blockchain, is currently forming a classic descending triangle pattern, signaling a potential breakout in the near term. The token has been consolidating within a tight range, repeatedly testing a critical support level between $3.15 and $3.20. Analysts suggest that a successful defense of this level could catalyze a nearly 3x rally, potentially pushing the price toward $5.00 and even $10.00 in the longer term. At the time of reporting, SUI trades near $3.18, having recorded a 0.57% decline in the past 24 hours and a 6.66% drop over the last seven days. Despite these declines, SUI maintains a robust market capitalization of approximately $11.8 billion, underpinned by a circulating supply of 3.6 billion tokens [3].

The technical setup for SUI is closely monitored by traders and analysts, with a particular focus on the descending triangle nearing its apex. According to analyst Altcoin Gordon, this pattern has been developing for weeks and is a classic indicator of a significant volatility event. Gordon identifies the $3.15–$3.20 support zone as the make-or-break level for SUI. Repeated testing of this floor suggests strong accumulation from buyers, while a failure to defend it could trigger a deeper correction [3].

Open interest in SUI derivatives is currently positioned at over $780 million, indicating heightened speculative activity. Positions are spread across major exchanges, with Binance holding the largest share at $344 million, followed by Bybit at $252 million, Hyperliquid at $89.3 million, and OKX at $72.6 million. This distribution implies broad market participation, although open interest has slightly declined by 0.55% in the past 24 hours. Analysts note that this level of open interest suggests that a large number of traders are anticipating a significant price move, either upward or downward [3].

Technical indicators currently reflect a market in equilibrium, awaiting a catalyst to drive the next directional move. The MACD line sits just below the signal line, indicating mild bearish pressure, while the histogram remains near neutral. The RSI reading of around 43 suggests a neutral-to-bearish stance but does not signal oversold conditions, leaving room for a potential bounce should buyers regain control [3]. Traders are advised to monitor key levels and consider the broader implications of on-chain activity and network participation, which have seen an uptick in recent weeks.

Fundamentally, SUI's trajectory is supported by recent developments, including the launch of an AI Coding Assistant in partnership with Alibaba Cloud. This innovation is seen as a potential catalyst for bullish sentiment, particularly among developers and institutional participants. Additionally, SUI’s integration with AI-driven DeFi protocols enhances its appeal, potentially linking it to broader trends in the AI and blockchain convergence [3]. For investors, the interplay of technical and fundamental factors presents both risks and opportunities, with a focus on timing and risk management critical to navigating the upcoming volatility.

Source:

[1] SUI Price Prediction: SUI Holds $3.30 as Traders Debate Channel Breakdown or Reversal (https://cryptorank.io/news/feed/46702-sui-price-make-or-break-pattern-10-dollar-target)

[3] SUI Tests Its Make-or-Break $3.15 Support (https://coinedition.com/sui-price-make-or-break-pattern-10-dollar-target/)

[4] SUI Price Prediction: @AltcoinGordon Calls Next Leg From $3.18 Toward $10 Target, 214% Upside Potential (https://blockchain.news/flashnews/sui-price-prediction-altcoingordon-calls-next-leg-from-3-18-toward-10-target-214-upside-potential)