Sui Faces Technical Resistance at an Important Level
The price of SUI faces an important technical level as long-term descending resistance shows signs of stabilization in trading volume. As seen from the daily chart of SUI/USDT, there has been a succession of lower highs, which is in line with the bearish structure that has prevailed within the asset.
Price is now consolidating around the lower part of the structure and is heading toward the descending trendline that has limited previous rallies. ZAYK Charts identified the area as an important one, stating that the long-term downtrend was coming under pressure.
A convincing break above the trendline on a daily basis could mean that the bearish setup will be weakened, signaling a possible change in market structure. Nonetheless, a mere break above resistance will not automatically signify a bearish-to-bullish change, as sustained trading above the trendline will do that. A possible upside target would be the $1.70 area.
Exchange Flows Display Stability Trends
Flows of exchange serve as another dimension regarding the current state of SUI. In particular, Binance demonstrated the biggest negative net flow at about $1.42 million, while Coinbase experienced negative flows at about $579,280 during the period.
Several other major exchanges displayed largely negative figures. On the other hand, positive flows remained significantly smaller, with about $153,660 of Coinbase and $164,350 of Binance.
This combination indicates that there is still no single trend but rather a repositioning process. Moreover, the daily flows of exchanges illustrate much larger fluctuations from November to May, where big red outflows were combined with occasional green inflow peaks.
The recent trends look smaller and more stable. This can be explained by efforts of SUI to build its own base after a prolonged downfall.
Price of Sui Levels Off Amid Uncertainty of Breakout
The price of SUI is currently hovering around the $0.7956 mark on the basis of the most recent provided market data and has increased by about 1.00% during the past 24 hours and 7.20% during the past week. The estimated 24-hour trading volume of the coin is around $628 million.
From the price action chart above, there appears to be a prolonged downtrend and consolidation in the roughly $0.60โ$0.90 range. The current consolidation could become a good starting point for a price rally as long as buyers manage to break the descending trendline.
However, a breakout is not yet confirmed, as a rejection at the resistance level could strengthen the current bearish momentum of SUI and focus attention on lower support levels. The most important technical tool to watch at this moment is the descending trendline.
