SUI Price Dips 30%, Elite Analyst Points to Buy Zones

October 26, 2024

Chart Patterns Suggest SUI Price Could Move Higher – Key Levels to Watch

Michaël van de Poppe updated his SUI price outlook in a viral tweet posted earlier today.

He pointed out that the SUI price has undergone a significant correction, pulling back around 30% from its recent peak. The token is currently trading at $1.8232, down nearly 1% in the latest trading session, as selling pressure continues to weigh on the price.

According to van de Poppe’s technical analysis, several key price zones warrant attention. The primary support level sits around $1.7929, forming a strong horizontal support that could potentially act as a buffer against further downside. A secondary support zone hovers near $1.60, which aligns with growing buyer interest in the market.

The markets have been correcting and $SUI has seen a 30% correction after a giant run.

That means that I think that this one is going to be into an area of interest (for me).

I think starting to build a position here is good, through which the area around $1.50 is good too. pic.twitter.com/FxocUp6xUM
— Michaël van de Poppe (@CryptoMichNL) October 26, 2024

The renowned analyst highlights the $1.50-$1.60 range for the SUI price as what he terms an “aggressive area for entry.” This zone could present opportunities for traders following the substantial retracement. The chart’s technical indicators suggest a potential further decline of 31.33%, approximately a $0.7448 move from current levels, which would bring the price into this target zone.

Trading volume has shown a gradual decrease during the recent downtrend, potentially indicating weakening selling momentum. The RSI indicator is moving toward oversold territory, which historically has preceded price reversals in similar market conditions.

Van de Poppe’s analysis suggests a measured approach to position building, with current levels offering initial entry points while keeping powder dry for potential moves toward the $1.50 mark.

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