- Unlike many altcoins, SUI has minimized losses and quickly rebounded from $2.64.
- The $2.66 level remains strong, preventing further declines for now.
- A move above $3.49 could signal a bullish reversal, with $3.90 confirming an uptrend.
- Holding the 200-day MA and forming a higher low suggest SUI may be gearing up for a rally.
The cryptocurrency market has been experiencing extreme volatility, with Bitcoin facing a sharp decline and major altcoins suffering significant losses. However, SUI has shown remarkable resilience, managing to withstand the bearish pressure better than most.
While SUI did experience a slight downturn, its losses were minimal compared to other altcoins. The token recently hit a low of $2.64 but quickly rebounded, signaling strong buying interest and an attempt to push toward higher price levels.
Currently, the token is trading at $2.96, reflecting a 0.57% decline in the past 24 hours. Despite this minor drop, the token maintains a market capitalization of $6.91 billion and a 24-hour trading volume of $4.40 billion. These figures suggest that investors are still actively trading the token despite the market turbulence.
SUI Critical Support and Resistance Levels
According to More Crypto Online analysis, SUI continues to hold above the $2.66 support level, maintaining a sideways trading pattern. This level has proven to be a strong floor for the asset, preventing further declines for now. However, wave 2 is still developing, meaning there is no definitive confirmation that the token has reached a bottom.
A break above $3.49 could serve as an early indication of a bullish reversal, while a move beyond $3.90 would provide stronger confirmation that the token has exited the correction phase. On the downside, if $2.66 fails to hold, the next significant support level to watch is $1.99.
SUI’s Market Outlook: Poised for a Breakout?
Crypto market expert Captain Faibik highlighted that SUI’s price action remains strong on the daily chart. The token has partially filled the February 3 wick, formed a higher low, and successfully held the 200-day moving average (MA), reinforcing its bullish momentum.
These bullish signals suggest that with continued consolidation between $2.50 and $3.50, SUI could be gearing up for its next major upward move.
As the broader market stabilizes, traders are closely watching whether SUI can break key resistance levels and confirm a new bullish trend. If momentum continues, the token could be on track for a significant rally, making it a key asset to watch in the coming days.
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