SUI Coin Price Poised For 15% Slip, Expert Insights

Key Insights:

• SUI coin price has finally broken out of its prolonged consolidation near the resistance level.
• The daily chart indicates that SUI could experience a 15% price decline.
• Following the breakdown, investors seized the opportunity and added $7.50 million worth of SUI tokens.

Amid market uncertainty, the SUI coin price has failed to hold its key support level and has now opened the path for a significant price decline. The past few days have been unfavorable for SUI, as it attempted to breach the major resistance level multiple times but failed.

SUI Current Price Momentum

At present, the SUI coin is trading near $3.242 and has recorded a price decline of over 5.10% in the past 24 hours. Meanwhile, due to a shift in market sentiment following the bearish price action, participation from traders and investors has declined. Data shows that SUI’s trading volume dropped by 8% during the same period.

According to expert technical analysis, the SUI coin price has broken down from its prolonged consolidation, which was formed between $3.26 and $3.80 near the key resistance level.

As per the daily chart, this level has consistently acted as an area of selling pressure. The last time the SUI coin price reached this level, it witnessed notable sideways momentum, which traders and investors were expecting this time as well.

SUI Coin Price Prediction

Based on the recent price action and historical momentum, if the SUI coin price successfully closes a daily candle below the $3.22 level, there is a strong possibility that it could drop by 15%, reaching the $2.75 level in the coming days.

On the other hand, the SUI coin price could only rally if it breaks the key resistance level and successfully closes a daily candle above it; otherwise, the price may either crash or continue to move sideways.

Following the downside momentum over the past 24 hours, SUI’s Relative Strength Index (RSI) has been moving down from the overbought territory.

At present, SUI’s RSI stands at 57, indicating strong strength in the token along with the bearish momentum.

Mixed On-Chain Metrics

Despite the bearish market outlook and recent breakdown, the SUI coin has been receiving massive attention from investors and long-term holders, as reported by the on-chain analytics firm CoinGlass.

On-chain metrics show that the SUI coin has been continuously flowing out of exchanges over the past few days, indicating potential accumulation by investors and long-term holders.

In addition to this longer-term outflow trend, exchanges have seen an outflow of $7.33 Million worth of SUI coins over the past 24 hours.

This outflow, given the current market conditions, signals a bullish trend and could trigger buying pressure, which appears to be challenging following the major breakdown.

$47 Million Worth of Bearish Bets

However, traders seem to be following the current market sentiment and have been found to be strongly betting on the bearish side, as reported by the on-chain analytics firm CoinGlass.

On-chain metrics show that traders are over-leveraged at $3.126 on the lower side and $3.48 on the upper side. These levels can be seen as key support and resistance levels for traders, with $17.46 Million worth of long positions built at the support level and $47.15 Million at the resistance level.

This data suggests that traders’ outlook for the SUI coin is bearish, as they believe the asset will not cross or move above the $3.482 level.