SUI Hovers Near $3.51 as $3.17 Support Becomes Crucial for Next Breakout

SUI is currently at a pivotal moment as traders and analysts closely monitor the $3.17 support level, which is now seen as the decisive threshold for the next potential breakout. The token has shown signs of resistance above $4 in recent weeks, prompting attention to the critical support zone below. As of the latest data, SUI was trading near $3.51, having fluctuated between $3.40 and $3.65 over recent sessions [1].

Technical analysis by Ali Martinez highlights that the $3.17 level aligns with both the 62% Fibonacci retracement and an ascending trendline that has defined the token’s uptrend since April. Martinez emphasized that holding above this level could provide a strong foundation for renewed bullish momentum [1]. Butterfly_Charts also noted that SUI is forming a perfect ascending triangle on the daily chart, with bulls defending the ascending support effectively. The analyst added that once the breakout is confirmed, SUI could experience a significant upward move [1].

On-chain data from CryptoQuant reveals a negative Spot Taker Cumulative Volume Delta since mid-July, indicating that sellers have been dominant in short-term trading activity. This has contributed to the recent price weakness observed in the market [1]. However, despite the bearish pressure, the fundamental outlook for SUI remains positive. According to a report by Messari analyst Jake, Sui’s market cap increased by 31% quarter-over-quarter to $9.44 billion. Additionally, the DeFi total value locked on the Sui network rose by 44.3% to $1.76 billion, with daily decentralized exchange transactions reaching five million [1].

Institutional adoption continues to play a key role in Sui’s trajectory. Recent integrations with entities such as AMINA bank and Fireblocks, as well as the launch of the Grayscale SUI Trust, have bolstered the network’s infrastructure and credibility. These developments are expected to support future price recoveries once the $3.17 level is stabilized [1].

SUI’s ability to maintain above $3.17 will be crucial in determining the direction of the next price movement. A successful defense of this support could lead to a retesting of the $4 resistance level and potentially a new bullish phase for the token. Traders and analysts remain watchful as the market awaits confirmation of the next significant move.

Source: [1] SUI Faces Key Test as $3.17 Support Emerges as the Deciding Level for the Next Breakout (https://cryptofrontnews.com/sui-faces-key-test-as-3-17-support-emerges-as/)