Sui Network’s native SUI token went on an immense run recently, surging from around $0.50 to hit a yearly high of $1.66. However, according to analyst Teshkid, the party looks to be ending for SUI after such a parabolic advance.
Teshkid notes SUI is breaking down after losing the key $1.50 support level. He sees potential for an extension of the pullback towards the next support zone at the golden pocket between $1.34 and $1.26. Failing to hold above this demand area could open the floodgates for a deeper correction towards the psychological $1.00 handle.
On the other side, trader Trade Byte spots a bullish reversal pattern emerging on SUI’s chart in the form of a morning star formation. If bullish momentum returns, Trade Byte anticipates SUI rebounding +12% back up to $1.69 resistance.
Zooming out, SUI has been on a tear over the past month, gaining over 80% during the last 30 days. However, downward pressure has built up more recently, with SUI losing nearly 5% over the past week.
The cooling off in price aligns with the drop in TVL of SUI to $495 million. This is after the total value locked on the network peaked at around $500 million but has since fallen back below this threshold. Profit-taking after such vertical appreciation also remains a factor.
In conclusion, viewing SUI’s crucial support and resistance levels objectively, the area spanning $1.25–1.35 stands out as the line in the sand in terms of bullish continuation or bearish invalidation.
A decisive break lower could confirm an exhaustion top is in place and extend losses. Conversely, a double bottom and bounce from this zone keep hope alive for traders targeting a renewed rally towards $1.69 and beyond.
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