Sui Drops 3.11% Amid Bearish Pressure, Key Support at $2.20-$2.35

Sui's latest price was $2.45, down 3.107% in the last 24 hours. The cryptocurrency has been navigating through a challenging market landscape, with its price action forming a bull flag pattern. This pattern suggests a potential trend reversal, and analysts caution that if the price falls below this pattern, a sharp correction could ensue. The Relative Strength Index (RSI) and moving averages indicate growing selling pressure, suggesting a weakening of the current bullish trend. This uncertainty is compounded by the high market volatility, making the near-term outlook for Sui uncertain.

Sui's technical outlook reveals that it has been trading in a consistent downtrend. However, traders are closely watching a key demand zone in the $2.20-$2.35 range. This zone acts as a critical support level where buyers might "buy the dip" in anticipation of a trend reversal. The range includes the 0.75 Fibonacci level, a Fair Value Gap fill, and several Naked Points of Control (NPOC). These elements suggest that Sui could dip to find strong support and potentially bounce back from this zone. Crypto analyst Crypto Metric suggests that this bullish structure could trigger the coin's bullish momentum and a potential rally following a bounce back. If Sui reclaims the $2.5 level, it could confirm a trend reversal aiming for the $3.20-$3.80 zone. However, if the price dips below $2.5, Sui could drop further, awaiting volume and structure confirmation for its next move.

In the broader Web3 landscape, Sui faces growing challenges. Its recent rally seems to be losing steam, and the market sentiment around it remains cautious. The cryptocurrency's ecosystem is under scrutiny as it strives to gain strength amidst bearish pressure. The make-or-break moment for Sui is on the horizon, with traders and analysts closely monitoring its next moves. The high selling pressure and market volatility add to the uncertainty, making it crucial for Sui to hold key support levels to avoid a sharp correction.