SUI is currently trading at $1.13 on Tuesday, February 3. This represents a daily increase of 0.77%. The trading volume has decreased by 38.71% and now stands at $636.23 million. Over the last week, SUI has recorded a decline of 21.15%.

Source: CoinMarketCap

Analysts noted that SUI still traded above the lower boundary of the descending channel on the two-day chart. Analyst Jonathan Carter highlighted that the structural support level for SUI still held firm, despite recent volatility. 

He said that a confirmed rebound could lead to the opening of upside targets at $1.35, $2.00, $2.70, $3.70, and $5.00. Carter also identified $0.80 as an important stop-loss point for downside protection. 

Source: X

SUI Faces Breakdown Risk Below Key Zone

BitGuru, another analyst, pointed out that SUI was continuing to hold the key demand zone of $1.12-$1.14. He also added that the token might fall to $1.05 or $1.00 in the event of a breakdown from the demand zone.

There are resistance levels that could serve as barriers during a potential rebound. The analyst mentioned that there are initial resistance levels at $1.25-$1.30 and then a secondary level at $1.36-$1.40, which are needed to be reclaimed to shift the trend from a bearish structure.

Source: X

Volume and Open Interest Drop as Pressure Builds

CoinGlass data shows a 40.32% decline in volume, amounting to $845.15 million, while the Open Interest decreased by 0.83% and now stands at $651.68 million. The OI Weighted Funding Rate remains slightly negative at 0.0028%.

Source: CoinGlass

Also Read: XRP Eyes Wave 4 Targets at $1.93 and $2.03 After Golden Pocket Hit

EMAs and BB Show Bearish Momentum

The Exponential Moving Average (EMA) indicators show that SUI is currently trading below all key short-term levels, with the EMA 20 at $1.3878 and the EMA 50 at $1.5378.

In the long term, it also points to a negative bias since the EMA 100 is at $1.7927, while the EMA 200 is at $2.2060. These two indicators, the EMA 100 and EMA 200, are significantly higher than the current price. This signal indicates that SUI has been under downward pressure in the overall market structure. 

Source: TradingView

The Bollinger Bands indicated tightening price volatility, as the upper band is at $1.8615 and the middle band is at $1.4452, while the lower band was at $1.0288. SUI continued trading near the lower band, indicating the compression of price action as well as the proximity to the oversold region.

SUI is still in an unstable position as it trades near an important support level. Technical indicators and forecasts by analysts indicate that the next course of action for the price will entirely rely on the support level at $1.12.

Also Read: SUI Slides Below $1.10 as Bearish Structure Signals Further Downside