SUI is trying to regain appeal, currently trading at $3.6292, noting in a recent X post is the 1.34% rise in Crypto Man Mab on the 4-hour chart. After the two reached a 24-hour high of $3.9599, the two encountered strong resistance, triggering a sharp pullback. The rejection of SUI has resulted in a 6.64% drop in the past few days, raising questions about whether SUI can stabilize or whether it will fall further.
Sui Uptrend peaks before $4.20, before sharp reversal
MAB’s recent analysis highlighted that from May 20 to May 23, Sui experienced a significant upward trend, marking continued higher highs and higher lows. The steady upward movement peaked at the $4.20 level, reflecting a strong bullish momentum over the period.
However, shortly after reaching its peak, Sui faced a sharp reversal. Large red candles appeared on the chart, indicating that sales pressure was high and value was lost quickly. The sudden drop in recent highs has surprised many people and has caused fear in the market.
Quantitative analysis further supports this narrative. During peaks and sell-offs, there are large peaks in the volume, indicating a decline in market participation. Currently, trading volumes are still increasing by about $462.57 million, indicating continued activity.
SUI is now testing key support zones between $3.6000 and $3.6500. Rest below the area could pave the way for further losses, reducing the price to a 24-hour low of $3.5233 or even less.
Market sentiment: Fear or opportunity?
Cryptoman Mab elaborates on market dynamics by pointing out obvious bearish signals and potential bullish opportunities. He noted that from the peak of $4.20, it was impossible to maintain the level of the signal below $3.8000, while bearish momentum dominated. This is supported by a 7-day performance, which shows a 5.62% drop, highlighting general short-term weaknesses.
On the bullish side, analysts noted that if the crucial support level of $3.6,000 is held, there could be a rebound of $3.8,000, and the previous resistance becomes the support level. This support can encourage SUI buyers to re-enter the market, laying the foundation for upward movement.
In addition to direct fluctuations, analysts stressed that 20.29% of the 30-day gain and 90-day gain were 5.90%, reflecting the overall positive trend of SUI. Despite recent setbacks, this suggests that if the buying pressure is intensified, it can continue to recover.
All in all, he stressed that Sui was standing at a critical crossroads, with support below $3.6,000 likely causing additional downward pressure. However, a strong rebound in the region may pave the way for increased volume growth, while growth in downward volumes will enhance the bearish outlook.
