The SUI token shows early signs of stabilization after a period of strong selling pressure, consolidating near a key support level. Analysts note the downtrend is slowing, with the token’s performance around a crucial foundational zone seen as pivotal for determining its next major price movement.
The SUI token is exhibiting early signs of stabilization following recent strong selling activity. It is currently consolidating within a tight range near key support levels, according to market analysts.
At press time, SUI was trading at $0.9045 with a 24-hour trading volume of approximately $577.8 million, as reported by CoinMarketCap. The token’s price has declined by 3.45% over the last day, continuing a recent downward trend.
Analyst BitGuru stated that while SUI remains in a downtrend, it is slowing down. The token’s consolidation could indicate it is losing bearish momentum after a significant sell-off.
Another analyst, Whale Fector, pointed out that SUI has reached a foundational support zone which previously launched its 2024 rally. This zone is “crucial” for investors as it will dictate their next move with the token.
Two primary scenarios are now in focus for the token’s trajectory. A bounce from this support level could lead to a trend reversal and upward momentum. Conversely, a failure to hold support may result in a further price decline, known as a “max pain” scenario.
