The current price of the SUI token is under pressure; however, signs of potential recovery are emerging. This article examines recent declines, key events, and chart analysis.
Overview of Current SUI Price Dynamics
The SUI token has fallen 5% in the last 24 hours and 19.7% since its peak in August, when the price reached $4.16. With a current price of $3.34, SUI is facing pressure due to significant token unlocks, which have impacted investor demand.
Factors Affecting SUI Price
One of the key factors affecting the price has been the large token unlocks that occurred on August 1 and September 1, releasing around 44 million tokens and influencing investor interest. However, recent developments in the SUI ecosystem, including the increase in token holdings within SUI Group Holdings and growth in overall DeFi volume, may lead to potential improvements.
Technical Analysis of SUI: Possible Future Scenarios
On the weekly chart, SUI shows an ascending triangle pattern. The price is currently near the lower trendline at $3.10, which serves as a crucial support level. A rebound from this level could lead to a price increase to $4.30. A breakout above this level would open the way for a target of $6.89, while a breakdown below $3.10 could lead to a decline to $2.31.
The SUI token has faced multiple challenges recently; however, positive changes in the ecosystem and technical patterns create conditions for a potential price recovery.
