SUI Holds Key Support and Eyes Bullish Reversal Despite Recent Token Unlock
03.04.2025 14:48
SUI is maintaining its position above a critical support zone between $2.10 and $2.20 despite a recent token unlock on April 1 that raised concerns of potential price pressure. Trading currently at $2.31, SUI has been holding since March 11 after hitting a yearly low of around $2, following a significant drop from its all-time high of $5.35 earlier this year. Technical indicators show that the coin remains below the 20-day EMA at $2.41 and the 50-day SMA at $2.67, with the 20-day EMA acting as immediate resistance. The RSI reading of 45.09 reflects weak momentum, though slight improvements hint at gradually increasing buyer strength. Analysts note that if SUI can break the resistance around $2.52, it may trigger a short-term bullish reversal, potentially paving the way for further gains. The news highlights both the resilience of SUI at key support levels and the delicate balance it faces with technical hurdles in the near term.
SUI’s price may benefit if it successfully breaks above the $2.52 resistance, which would validate the current support holding and trigger a bullish reversal. The market sentiment is cautiously optimistic due to its sustained support since March, though the recent token unlock introduces potential selling pressure. In the short term, the coin faces notable resistance from the 20-day EMA and 50-day SMA, making immediate gains uncertain. However, if buyers overcome these barriers, historical trends indicate a possible upward rally. Key factors such as maintaining support levels, gradual improvements in RSI, and the breakout past technical resistance weigh into a modest probability of price increase, balancing short-term hesitation with long-term bullish potential.
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