SUI Price Drops 14% Since ATH! Can Sui Hit $5 With Bullish Reversal?

Story Highlights

The Sui price has dropped by 13.96% from its ATH of $3.93 in 10 days.Technical indicators record increased bearish sentiment, hinting at higher selling pressure.A potential bullish reversal could push the price toward its upper target price of $5.

After recording a negative price action for two consecutive days, the crypto space has experienced a strong bullish recovery, with altcoin leading the run. Following this, the SUI token has regained momentum and has surged above its resistance level with a 43% rise in its trading volume.

Will the SUI crypto token regain momentum and achieve a new ATH this week? Or will this altcoin retest its crucial support barrier of $3? You are minutes away from finding out the short-term possibilities!

Sui Crypto Records Increased Price Volatility!

With an intraday jump of ~10% and a trading volume of $2.281 billion, the Sui token has hinted at a strong bullish recovery. However, this altcoin trades at a discount of ~14% from its all-time high of $3.93 which was achieved on 17th November 2024.

However, in the longer-term price prospect, it has 2xed this month and has a Year-to-Date (YTD) return of +337.02%. With a market capitalization of $9.67 billion, this altcoin has secured the 18th position in the global cryptocurrency list.

Sui Technical Sentiments

The Moving Average Convergence Divergence (MACD) shows a constant red histogram with its averages recording a bearish convergence in the daily time frame. This highlights increased selling pressure for the altcoin in the crypto market.

The SMA indicator constantly acts as a resistance to the Sui price chart. This suggests a strong bearish price sentiment for the 18th-largest crypto token.

Is Sui a Good Investment?

If the market favors the bulls, the Sui coin price will surpass its previous ATH and head toward its psychological barrier of $4. Maintaining the price above that level could set the stage for this altcoin to prepare to test its upper target price of $5 this year.

On the contrary, if the bears gain momentum, the Sui coin price will retest its support level of $3.25. Further, if the bears dominate the crypto space, this could result in the Sui crypto plunging toward its lower support level of $2.50 this year.

Wondering about the long-term prospects of this altcoin? Read CoinPedia’s Sui Price Prediction and also subscribe to us to stay updated on the latest cryptocurrency news!

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