SUI recently reached a new all-time high (ATH) of $5.36 before a 10% correction over the last two days that brought its price down to $4.58.
Despite this pullback, the altcoin remains positioned for recovery thanks to ongoing bullish market conditions, which could pave the way for another ATH in the near future.
SUI Is Noting Strong Support
SUI’s funding rate has stayed positive for the past ten days, signaling optimism among traders despite the recent price decline. This sustained positivity indicates that market participants are betting on a price recovery and a potential new ATH. The sentiment within the SUI community remains bullish, which could provide the momentum needed for a rebound.
The strong optimism among traders suggests strong support for SUI, even amid short-term corrections. This confidence highlights the belief that crypto is poised for further growth and is supported by favorable conditions and a committed trading community.
From a macro perspective, SUI’s Relative Strength Index (RSI) remains above the neutral 50.0 mark, holding in the bullish zone. While slight downticks have hinted at minor bearish momentum, they have not been strong enough to trigger significant downside movement. This resilience supports the likelihood of a price reversal.
The RSI’s position in bullish territory indicates steady buying pressure, which could act as a barrier against further declines. If the indicator maintains its current level or trends higher, it could reinforce SUI’s chances of recovering its recent losses and targeting a new ATH.
SUI Price Prediction: Preventing Further Correction
SUI’s price experienced a 10% correction in the last 48 hours, losing the $4.79 support level and trading at $4.58 at the time of writing. This decline, while notable, has not negated the possibility of a recovery, especially given the bullish sentiment and market support.
Although SUI is currently closer to its $4.35 support level, favorable market conditions could enable it to flip $4.79 back into support. If this happens, SUI could rally toward its previous ATH of $5.36. Breaking this barrier would set the stage for a new all-time high.
The bullish outlook could be invalidated if SUI falls through the $4.35 support to $4.05 or lower. Such a move would likely trigger bearish sentiment, potentially leading to increased selling pressure and further declines, challenging the altcoin’s recovery prospects.
Disclaimer
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