Sui (SUI) is trading near $0.98 as selling pressure continues across the altcoin market. According to CoinGecko data, SUI stands at $0.9796, down 2.74% over 24 hours and 10.74% over the past week, with trading volume at $645,383,763.
Technical analysts are closely monitoring support levels as SUI continues to form lower lows on the charts. The token is currently trading far below its previous highs above $5.
Support Levels Under Watch
More Crypto Online identifies $0.929 as the next critical support level within a descending wedge pattern. The analysis places the 50% Fibonacci retracement at approximately $0.9294 on a one-hour Coinbase chart.
A descending wedge forms when price moves between downward-sloping trendlines that gradually converge. Traders monitor these patterns for potential breakouts, though the formation alone does not confirm a reversal.
Analyst Giannis Andreou's weekly analysis identifies $0.85 to $0.86 as another important downside support zone. Andreou marks $0.66 as the chart's invalidation level.
Recovery Requires Multiple Resistance Breaks
For a meaningful recovery, SUI must reclaim several resistance levels. Andreou identifies $1.04 as the first resistance SUI needs to reclaim, followed by $1.34 as the next major hurdle.
Subsequent resistance levels are marked at $1.80, $2.35, and $3.92, with previous highs above $5 representing longer-term targets. A break above the descending trendline would provide additional evidence that the broader bearish structure is reversing.
Until these resistance levels are reclaimed, the prevailing bearish structure remains intact. The immediate focus for traders is whether buyers can defend support or whether selling pressure pushes prices lower.
