Sui (SUI) Trading at $3.64, Down 1.01% in 24h with a $12.1B Market Cap

Despite the price fall, weakening bearish momentum hints at diminishing selling pressure. Its market cap stands at $12.1 billion, with strong trading volumes of $811 million.

The price of SUI has decreased slightly over the past 24 hours, now trading at $3.64 after a minor 1.40% dip.

Despite the price fall, weakening bearish momentum hints at diminishing selling pressure.

Completing a third consecutive day of declines, SUI fell to $3.64, demonstrating a minor 1.40% decrease over the past 24 hours. However, despite the price downturn, the token is still up 2.90% over the seven-day period.

With a market cap of $12.1 billion, SUI ranks 14th among cryptocurrencies, closely trailing OKB and exhibiting strong trading volumes of $811 million.

SUI/$SUSD (Credit: TradingView)

Recent decline in price coincided with weaker momentum and a minor RSI divergence, potentially presaging trend exhaustion.

Although SUI remains above a critical support level, repeated failures to break resistance suggest potential near-term consolidation, causing uncertainty among traders about the token’s immediate direction.

Market analysts are closely watching whether SUI will hold its current support or attempt another challenge of resistance levels. Technical indicators currently reveal short-term ambiguity, with traders uncertain if a decisive breakout or further consolidation will unfold in the coming days.

SUI Faces Resistance at $4.25 Zone

SUI’s strong rally earlier in May was driven by growing institutional collaborations, enhancing its utility and investor confidence. However, a recent security breach combined with wider market pullbacks, sparked by tariff concerns, exerted downward pressure on the token’s price.

The failure to surpass the $4.25 resistance zone may have triggered profit-taking from short-term traders. This action may push the price below the $3.70 level, which is the 20-day exponential moving average, potentially leading to more losses if bearish pressures continue.

If the prices are below this EMA, SUI/USDT may challenge the 50-day simple moving average (SMA) at $3.00. With long-term fundamentals for the network remaining solid, recent negative events and declining technicals call for a conservative approach to short-term trading.

SUI /USDT (Credit: TradingView)

SUI Faces Short-Term Volatility Challenges

After peaking at $3.9599, SUI suffered a pullback of 6.64% to reach $3.62, marking pressure to sell after a fleeting uptrend. Analyst Crypto Man MAB observes that the uptrend from May 20-23 had strong bullish indications prior to reversing sharply at a level close to $4.20. However, this rally reversed suddenly with massive selling pressure and large red candles marking quick value erosion.

Volume analysis confirms strong market activity, with spikes coinciding with both the peak and subsequent sell-off. Despite the recent downturn, elevated trading volumes of approximately 462.57 million USDT indicate sustained market participation and interest in SUI.

The current scenario for SUI combines promising long-term fundamentals with short-term volatility, as investors are evaluating ongoing adoption against technical and market challenges.