Sui's Price: Can $2.08 Halt the Decline?
Sui (SUI) experienced a significant surge in daily trading volume, jumping 66% to $2.1 billion, alongside a 12.55% price increase in 24 hours. While this rally is promising, a closer look reveals conflicting signals that raise questions about its sustainability.
Technical analysis reveals discrepancies between daily and weekly charts. A Fibonacci retracement level at $2.43 (78.6% level) acted as support on June 22nd. Coupled with Bitcoin's rebound, this fueled optimism about a Sui recovery. However, caution is advised.
Weekly Chart Analysis
The weekly chart shows persistent selling pressure. The Accumulation/Distribution (A/D) indicator formed lower highs in 2025. The Chaikin Money Flow (CMF) at -0.08 indicated significant capital outflow. While the Money Flow Index (MFI) remained bullish, suggesting reduced selling, low weekly trading volume raises concerns.
Despite the bearish indicators, the weekly market structure turned bullish following a structure break in early May (see chart).
Daily Chart Analysis
In contrast to the weekly chart, the daily chart presents a bearish outlook since SUI fell below $3.12 in early June. The A/D indicator has trended downward for a month, and the CMF was neutral, suggesting minimal capital flow. The MFI at 30.5 is indicative of bearish sentiment.
Key support levels exist at $2.08 (March/April support) and $1.71 (weekly swing low). Breaking below $1.71 would significantly shift the weekly structure to bearish.
The $2.08 Level: A Crucial Test
The $2.08 support level is likely to be retested. Sustained Bitcoin strength above the $100k support zone and improved market sentiment could boost Sui demand. A decisive move above $3, flipping this level to support, would confirm a bullish trend and suggest a further rally.
Disclaimer: This analysis is for informational purposes only and should not be considered investment advice. Codeum is a blockchain security and development platform offering smart contract audits, KYC verification, custom smart contract and DApp development, tokenomics and security consultation, and partnerships with launchpads and crypto agencies. Always conduct thorough research before making any investment decisions.