SUI Token (SUI) Technical Analysis: Reminds of Solana's (SOL) Early Days

A crypto analyst with username @StukaHQ who has 1000 followers on Twitter and has a verified account has compared Solana's technicals with SUI.

A crypto analyst has compared Solana’s 2020 price action with SUI crypto’s 2024 price action, highlighting the striking similarities between the two tokens.

Solana, launched in 2020, experienced a remarkable price surge, rising from less than $1 in January to over $200 by the end of the year. This impressive rally captured the attention of many traders and investors, who observed a "key players and actors" phenomenon.

As per the analyst, Solana’s early days are being mirrored by SUI crypto in 2024. With SUI currently trading below the $1 mark, the analyst draws parallels to Solana’s early price movements, suggesting that the token may follow a similar trajectory.

The price of SUI crypto has been trading flat over the last 24 hours and follows a strong downtrend over the last few weeks. A 1.2% spike in the market cap of the crypto to $1.744 Billion was recorded over the last 24 hours.

The value of the traded volume for SUI displayed a 4.5% decline over the last 24 hours to $130.476 Million with a volume/market cap ratio of 8.32%.

25.12% of the token’s maximum supply is in circulation in the market which results in a circulating supply of 2.512 Billion SUI. Additionally, the total supply and the maximum supply of the token stand at $6.924 Billion.

The open interest of SUI rose 7.6% to $59.72 Million over the last 24 hours.

SUI Crypto Derivatives Liquidation Chart | Source: Coinglass

The overall liquidation chart of the crypto shows higher long liquidations over time which shows that sellers have dominated over the price for a long time.

Additionally, the recent data shows the picture flipping as higher short liquidations worth $327.02K are recorded in the last 24 hours. Moreover, the long liquidation of the token is worth only $52.29K.

SUI Token Technical Analysis

SUI recently formed a small trading range following a pronounced downtrend.

SUI Token Daily Price Chart | Source: Tradingview

Since the end of March 2024, SUI has experienced significant profit booking, causing its price to steadily decline from a swing high of $2.1816 to $0.6898, the traded price at press time.

This downward trajectory is further evidenced by the formation of lower lows on the daily chart, indicating persistent bearish sentiment.

However, a potential reversal could be on the horizon. If SUI pushes above $0.950 and sustains there, it could trigger a minor surge.

SUI/USD Chart by TradingView

SUI declined below the 50-day and the 200-day EMAs on the daily chart. This shows a strong downtrend in the price as the EMAs further are trading in a death cross.

The supertrend also has given a sell signal which has been continued for a long time and a decline in price is followed. The MACD and the signal line are also trading in a death cross and are in a negative territory.

The RSI also follows a bearish cycle and has declined below the 50-level by hitting the oversold zones.

SUI crypto has been in a strong downtrend, falling from $2.1816 to $0.6898 since March 2024.

Despite a minor market cap increase, technical indicators show persistent bearish sentiment. SUI’s price is below key EMAs and had formed lower lows, with significant profit booking and high long liquidations indicating seller dominance.

The support levels to which the SUI token price react in the future are $0.3640 and $0.500 followed by the resistance levels of $1.170 and $1.440.