SUI Price Faces Key Test at $4.00 Resistance Level

SUI is showing a potential trend reversal after a deep retracement from its previous highs. Currently, the price is holding above a major support zone

SUI, the native token of the SUI blockchain, is currently in the sights of crypto observers and traders as it nears a crucial resistance level of around $3.80-$4.00. This level is of historical significance as it previously halted the asset's upward move in its last major rally.

Earlier this year, when SUI was rejected in this price range, it triggered a small but notable pullback that created some pause for short-term speculators. However, today, with improving market sentiments and returning speculative interests, the token is making its way to this level again, potentially making it a stronger base.

Chart: SUI/BTC

As recent price action indicates renewed strength in the coin, forming a consistent upward grind with higher trade volumes and the overall altcoin market showing positivity. Though, higher highs in recent consolidation trends signal increasing confidence of buyers.

SUI price faces key test at $4.00 resistance level

According to the crypto analyst, SUI is now approaching the $4.00 level, which serves as a critical resistance level and could decide whether this coin begins a bullish cycle or continues to fall prey to rejection. A specific close above said technical and psychological level, hopefully backed by heavy volume, would translate to an influx of breakout investment and set a new all-time high (ATH) well in range. Failure to break above, by contrast, would spell further congestion or downward pressure.