Sui (SUI) declined by 6.05% to $1.06 with a trading volume of $1.30 billion and a market cap of $4.09 billion amid bearish pressure, having failed to hold the $1.31 support. Analyst Crypto TXG points out a breakdown could target $0.57, while a breakout above $1.40 could potentially alter the market structure for a consolidation phase.
Sui has fallen below the $1.10 mark amid increasing bearish pressure. The token is currently struggling to maintain key support levels, with recovery attempts having been unsuccessful so far.
As of February 5, SUI is trading at $1.06, down 6.05%. The coin has registered a 24-hour trading volume of $1.30 billion and a market capitalization of $4.09 billion.
SUI previously retested the support area of $1.31 but was unable to sustain itself above it. Analyst Crypto TXG points out that a breach of the $1.018 level could lead toward the $0.57 area.
Technical analysis reveals that the cryptocurrency has started a downtrend after failing to maintain its previous range. The price slipped below a descending trendline, intensifying downward momentum.
Market participants are closely observing the $1.00 psychological level as potential temporary support. However, strong bearish pressure is expected to continue until SUI breaks above the descending trend line.
“A strong recovery above $1.40 could change the market structure, leading to a larger consolidation phase,” according to analysis. Investors are advised to be cautious in the current market scenario.
