The SUI price has been mired in a prolonged downtrend, consistently failing to break above a descending trendline that has acted as strong resistance. Crypto analyst Aman emphasized that every bounce attempt, including efforts to reclaim the $1.80 area, has been rejected at this trendline, underscoring persistent selling pressure and a lack of substantial buyer support. Weak volume during these recovery attempts further signals that the market is not yet ready for a directional shift, keeping the bearish trend intact.
Despite the downward momentum, technical analysts point to key support zones that could provide stability. Kyle Chassé highlighted two critical levels: the first between $1.30 and $1.35, where SUI consolidated in early 2024, and the second near $1.00 to $1.05, which has historically triggered sharp reversals. A breach below both supports could lead to further declines, while holding above them might form a base for a trend reversal.
In a contrasting bullish perspective, Elliott Wave analysis from More Crypto Online and Decode suggests SUI could be completing a corrective phase. The structure indicates a potential wave (2) correction with support between $1.40 and $1.02, and a break above $2.00 with strong volume could trigger a wave (3) rally targeting $8 to $10, or even $12 to $20 in the long term. However, a drop below $1.00 would invalidate this setup and point to a bearish target of $0.55.
Fundamentally, the SUI ecosystem is gaining traction through a partnership between SUI Group and Bluefin, involving a loan of 2 million SUI tokens for a 5% revenue share to expand institutional on-chain trading. This development, combined with SUI's current trading range of $2.00 to $2.12 and steady volume, reflects growing participation and could bolster long-term outlook.
Ultimately, SUI's price trajectory hinges on breaking key technical levels, with the descending trendline and support zones dictating whether the downtrend will persist or reverse into a bullish rally.
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