SUI Token Approaches Key $3.17 Support Amid Deepening Bearish Momentum

The SUI token is approaching a pivotal support level at $3.17, which traders and analysts are closely watching as a potential catalyst for the next phase of its price movement [3]. Following recent consolidation and a bearish trend, the token has slipped below key short-term supports, currently trading near $3.51 after a 2% decline over the past 24 hours [3]. Analysts highlight that $3.17 is not just a technical benchmark but a critical psychological level. It aligns with the 62% Fibonacci retracement and an ascending trendline that has been in place since April [3]. If SUI holds above this level, it could signal the formation of a strong base for a potential bullish rebound.

On-chain data reveals bearish dominance in the market, as the Spot Taker Cumulative Volume Delta (CVD) for SUI has turned negative, showing that sell orders are outpacing buy activity [3]. This trend has been in place since mid-July and supports the recent price weakness. The negative CVD reflects a "Taker Sell Dominant Phase," indicating reduced buying momentum and the likelihood of further downward movement [3]. Additionally, SUI closed below an ascending trendline connecting higher lows since mid-June and fell beneath the daily support at $3.65 and the 62% Fibonacci retracement at $3.62 [3]. The Relative Strength Index (RSI) is currently at 45, below the neutral 50 level, while the Moving Average Convergence Divergence (MACD) recently showed a bearish crossover [3]. These indicators reinforce the likelihood of extended downside pressure.

Looking ahead, SUI could test the daily support at $3.33 if the bearish trend persists [3]. A close below this level could lead to further declines toward $2.90, both of which are potential turning points where buyers may re-enter the market [3]. Conversely, a recovery and a daily close above $3.65 could reignite bullish momentum, potentially pushing SUI toward its August 14 high of $4.18 [3]. For now, the $3.17 level is seen as a key area to monitor, as a successful defense of this zone could spark renewed buying interest, while a breakdown might signal short-term weakness [3].

The broader market context shows that SUI has slipped 6% over the past week, trading near $3.70 after a 3.73% decline in the last 24 hours [2]. Despite the recent dip, it has managed to maintain a 4.24% weekly gain, reflecting underlying resilience amid the downward pressure [2].

Analysts and traders are closely watching whether the $3.17 level will hold as a critical support or if SUI will continue to face bearish pressure [1]. The outcome may determine the direction of the next phase of its price action [1]. Traders should look for confirmation signals such as volume spikes, bullish candlestick patterns, or a reclaim of short-term resistance levels before positioning for a potential breakout [3].

Source:

[1] Binance – https://www.binance.com/en/square/post/28535677745090

[2] CryptoRank – https://cryptorank.io/news/feed/210bd-sui-price-sees-short-term-dip-but-long-term-hopes-stay-alive

[3] Coincu – https://coincu.com/analysis/sui-slides-to-3-51/