SUI Bounces at $2.55, But Heavy Sell Wall Looms
**SUI Price Analysis: Support Holds Near $2.55 Amid Low Buying Volume**
Sui (SUI) has been holding support around the $2.55 mark but continues to struggle to break through key resistance levels due to low buying volume. After a weekly decline of over 20%, SUI was trading near $2.68, maintaining price levels above vital support but showing weak momentum and facing strong overhead resistance. Traders are closely watching to see if the current price range will hold or break in the coming sessions.
**Short-Term Support Holds Near $2.55**
On the 4-hour chart, SUI has been consistently reacting around the $2.55 to $2.58 range, which acted as a strong support level earlier in October. Each bounce from this zone, however, has struggled to gain traction for further gains. Price has failed to test nearby resistance zones spanning from $2.90 to $3.40.
Volume remains low, indicating limited buyer interest, and the Relative Strength Index (RSI) is hovering near 40. This RSI level points to a weak recovery following a dip into oversold territory, resulting in a tight trading range due to lackluster momentum.
**Weekly Chart Shows Structure Holding**
Looking at the weekly chart, SUI continues to form higher lows, signaling that the overall structure of the trend remains intact. The token remains above the support zone near $2.63—the base of the previous breakout from late 2024—which has successfully held through multiple pullbacks.
Market analyst Michaël van de Poppe notes, “The structure hasn’t changed on SUI,” referring to the ongoing pattern of higher lows as evidence that the bullish trend is still valid. Resistance around $4.20 has been tested multiple times, and these repeated attempts suggest that sellers may be weakening.
**Volume Still Lacking for Breakout**
According to Umair Crypto, SUI’s price action is facing rejection before it can fully test major resistance levels. He emphasizes, “What’s needed now is strong volume.” Without sufficient volume, the token lacks the momentum needed to push higher.
As it stands, SUI remains stuck between the $2.55 support and the overhead resistance levels. Unless buying volume picks up, the sideways movement is likely to continue, favoring sellers. A decline below $2.58 could shift focus toward lower price targets.
**Network Developments Continue Amid Price Stagnation**
Outside of price action, the Sui network is showing positive signs of growth and development. Notably:
– Grayscale has established trusts linked to Sui-based projects.
– Stablecoin and Bitcoin value locked on the Sui network have increased over recent months.
– Bluefin DEX, operating on Sui, reached record trading volumes in October.
– A new partnership with Figure Technology is bringing the YLDS token to Sui. This token is backed by short-term Treasurys and repo agreements.
These developments suggest that while price movement remains limited, underlying network activity and adoption are expanding, signaling potential for future growth.
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*Stay tuned for further updates as SUI navigates critical support and resistance levels amid ongoing network progress.*
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