The price of SUI is currently testing a critical support zone near $1.35, navigating a descending channel on shorter timeframes while its long-term weekly chart suggests a potential accumulation phase for larger investors. Technical analysis from multiple sources indicates the token is at a significant crossroads, with its reaction to this support level likely to dictate its near-term direction.
On the 12-hour chart, SUI is trading within a clear descending channel, with the price hovering just above the lower boundary near $1.10. This zone has historically triggered sharp price reactions. The recent bounce from $1.35 reflects temporary relief within a broader bearish trend, with technical signals pointing to a potential short-term recovery toward the $1.80–$2.90 range without confirming a full trend reversal. Market indicators, including the RSI, show a momentum reset without oversold pressure, suggesting a neutral-to-bullish short-term reaction potential.
Despite the short-term bearish structure, the weekly macro trend remains upward, with SUI trading inside a long-respected ascending channel. Analyst Crypto Patel highlighted that the recent drop from highs near $4.80–$5.00 fits the pattern of the price finding support at the channel's lower boundary, which overlaps with the $1.10 to $1.30 area. The price recently dipped below $1.20, triggering stops and sweeping liquidity before stabilizing back above that level, a move often interpreted as a liquidity flush that allows stronger hands to accumulate.
The market is now in a state of compression, caught between the rising weekly support underneath and a major resistance zone overhead between $4.00 and $4.80. This setup is characteristic of a potential base-building or accumulation phase, where "smart money" may be entering quietly while broader sentiment remains negative. A confirmed breakout above the key resistance zone would be needed to activate longer-term bullish targets of $5, $10, or $20, but for now, the market remains in a waiting pattern, with the immediate focus on whether SUI can hold the $1.35 support.
