- SUI dropped toward the $1.22 level after steep daily and weekly losses, placing price near an important weekly support zone.
- Analysts note SUI remains in a potential accumulation area, but a breakout above resistance is needed to confirm any bullish bias.
- Declining volume, falling open interest, and oversold momentum indicators suggest caution as traders await confirmation.
SUI saw a sharp move lower on Saturday, pushing the token closer to a critical weekly support level. During the midday session, price was hovering near the $1.22 area, according to data from CoinMarketCap. The drop has put renewed pressure on an already fragile structure.
Over the past 24 hours, SUI declined by 4.91%, adding to an already steep 17.75% loss over the past week. Trading activity has cooled as well, with volume falling 25.21% to roughly $923.86 million. The slowdown suggests many participants are stepping back, at least for now.
SUI Remains in a Key Accumulation Zone
In a post on X, analyst Crypto Patel noted that SUI is still trading within a zone where institutional accumulation has historically taken place. Despite the recent selloff, the token remains inside a long-term ascending channel, which continues to frame the broader structure. That alone has kept some longer-term buyers interested, even as momentum weakens.
The analyst highlighted a demand zone stretching between $1.15 and $0.80, an area that has shown relative stability so far. Price is currently sitting near sell-side liquidity, which also aligns with trendline support. According to Patel, a move above nearby resistance would be needed to confirm any bullish continuation, otherwise the structure remains vulnerable.
If a breakout does occur, the analyst outlined upside targets near $5, $10, and even $20. Those levels are longer-term projections, not short-term expectations. As mentioned, compression phases often appear before larger expansions, with smart money positioning early while retail interest only follows once direction becomes clear.
Another analyst, BitGuru, offered a more cautious view. He noted that SUI remains in a broader macro downtrend, even after entering a strong demand zone following consolidation. While selling pressure appears reduced at current levels, there are still no clear signals pointing to a confirmed reversal just yet.
Open Interest and Volume Continue to Decline
Derivatives data also reflects the cooling sentiment. According to CoinGlass, trading volume dropped 29.63% to $1.17 billion, suggesting fewer participants are actively positioning. Open Interest fell by 3.75% to $689.47 million, while the OI-weighted funding rate remains near 0.0012%.
This combination typically points to reduced leverage and lower conviction across the market. Traders seem to be waiting rather than pressing bets aggressively in either direction.
Momentum Weakens as Indicators Turn Bearish
Momentum indicators continue to flash caution. SUI’s Relative Strength Index has slipped deep into oversold territory, with a reading of 26.17. The signal line near 36.15 reinforces the broader downtrend rather than signaling an immediate bounce.
The MACD remains bearish as well. The MACD line sits at -0.0973, below the signal line at -0.0582, while the histogram remains negative at -0.0390. Together, these indicators suggest downside pressure is still present, even if short-term relief moves emerge.
For now, SUI remains under pressure as traders watch how price reacts around the weekly demand zone. Before any discussion of a trend reversal gains traction, analysts are waiting for clearer confirmation on the charts.
