SUI, the native token of the Sui blockchain, is showing signs of a potential recovery after a sharp decline, with its price rebounding from the $1.45 support level and targeting a breakout above $1.60. According to analyst Daan Crypto Trades, SUI successfully retook the $1.45 level, which is crucial for stabilization. "SUI did its job in retaking the $1.45 level. Just needs to get above that $1.6 area now to initiate a larger relief bounce," Daan emphasized.
The token has been trading in a consolidation zone between $1.45 and $1.60, with increased trading volume indicating active market participation. This follows a significant drop from highs near $3.20, where a long red candle marked strong sell-off pressure, leading to a temporary low slightly above $1.40. The current price action displays higher lows and higher highs within this range, suggesting a building structure for recovery.
Market sentiment remains bearish, with the Fear & Greed Index at 25 (Extreme Fear), volatility elevated at 17.7%, and only 43% of the last 30 days closing green. The 14-day RSI is at 35.30, near oversold territory, which could precede temporary bounces. However, SUI is trading well below its 50-day SMA at $2.23 and 200-day SMA at $2.96, indicating that any rally might be a relief move rather than a full trend reversal. CoinCodex's model projects a potential downside to $1.17 if the $1.60 resistance is not broken.
