Key Insights:
- SUI reclaims $1.45 level, now targeting a breakout above $1.60 for short-term momentum.
- On-chain data shows TVL dropped 25% since October, reflecting reduced DeFi activity on Sui.
- RSI signals buy after extreme oversold levels, though market sentiment remains cautious and bearish.
Sui (SUI) has recovered a key resistance level at $1.45, sparking new interest in the token. As of the latest update, SUI was trading at $1.51. The 24-hour trading volume stands at $622 million, showing active participation. However, the price is down 0.71% in the last day, pointing to slight intraday weakness.
The move comes amid mixed market signals, with some bullish momentum building, though overall structure remains cautious.
Price Recovery and Technical Resistance
SUI has risen from recent lows and managed to reclaim the $1.45 level. This area had previously acted as a resistance, and retaking it is being seen as a possible short-term shift in momentum. According to DaanCrypto, the price is now eyeing the $1.60 mark, which could act as a trigger for a faster price movement.
The Relative Strength Index (RSI) sent an early buy signal after rebounding from an oversold position near 22. This move above the 14-day average suggests some momentum is returning, although the broader market trend remains under pressure.
Support Levels | Source: TradingviewIf SUI fails to break above $1.60 soon, analysts warn of a likely retest of lower support levels. “The market still leans bearish unless SUI can close above $1.80,” one analyst stated. The short-term target remains a break above the current resistance to confirm any lasting reversal.
On-Chain Data Shows Weakness in Activity
While price action shows some recovery, on-chain data still shows weakness. Sui’s total value locked (TVL) has dropped by 25% since late October. This drop reflects lower activity across DeFi platforms on the network.
Data from DeFi Llama reports TVL falling from 889 million to 661 million SUI. Daily active users have slightly increased, but DEX trading volumes are nearing five-month lows. This shows reduced trader interest following recent price declines.
Sui Total Value Locked | Source: XDespite these metrics, some traders see potential for recovery if liquidity improves and price reclaims resistance levels. However, until SUI breaks higher, bearish pressure may remain in play.
Market Sentiment and Upcoming Events
Meanwhile, the broader crypto market remains cautious. Mark Roussin, CPA, stated that markets are currently pricing in an estimated 85% probability of a Federal Reserve rate cut at the upcoming December 10 meeting. Some expect a rate cut, which could provide support to assets like SUI.
According to his analysis, if the Fed does not deliver the expected cut, major U.S. indexes could see sharp declines. Market sentiment around SUI still leans toward fear, based on current indicators. However, some analysts believe that such negative sentiment may support the idea of a local bottom forming.
Traders continue to monitor macroeconomic events and technical zones closely. A strong move above $1.60 could attract more volume and push the token toward the $2.00 range.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/sui-recovers-145-targets-above-160/
