SUI Slips Below $3.20 as Bulls Face a Make-or-Break Moment at Key Support
- SUI dropped below $3.20 after a failed breakout, reflecting strong selling pressure and bearish sentiment.
- The token is now testing the $3.10 support zone; losing it could open the door to a drop toward $3.00.
- A breakout from a descending wedge hints at a possible reversal if bulls defend the $2.95$3.10 range.
- For a bullish trend to resume, SUI must reclaim the $3.40$3.60 resistance with strong volume.
SUI has faced mounting selling pressure this week, struggling to regain bullish momentum after a failed breakout attempt. On April 29, the token briefly surged above $3.85, sparking hopes of a potential trend reversal. However, this rally was short-lived. The asset quickly ran into strong resistance, which triggered a wave of profit-taking and initiated a persistent downtrend.
Following the rejection, SUI slipped below multiple key support levels, with bears tightening their grip on the market. Despite a brief bounce attempt on May 1, buyers failed to reclaim control, and the token resumed its descent. By May 4, SUI had tumbled below the $3.20 mark, its lowest point of the week, reflecting sustained bearish sentiment.
A consistent series of red daily candles from May 2 to May 4 highlighted the dominance of sellers, while declining trading volume signaled fading market interest. The token now hovers precariously near the $3.10 support level. If this level fails to hold, the psychologically significant $3.00 threshold could become the next downside target.
SUI Must Reclaim $3.60 to Confirm Uptrend
Despite the current weakness, a ray of optimism comes from technical analysis shared by Rose Premium Signals. According to their $SUI/USDT weekly outlook, SUI has recently broken out from a descending wedge pattern, a formation often associated with bullish reversals. This breakout suggests a potential shift in trend, provided that the asset can maintain strength above the breakout zone.
The analysis identifies the $2.95$3.10 range as a critical long-entry zone, offering traders a potential high-probability re-entry opportunity if the price retests this region. As long as SUI remains above this range, the broader bullish setup remains valid.
Potential upside targets have been identified in the latest analysis, with key price levels to watch. The first target is set at $5.1060, suggesting a significant move could be on the horizon if current momentum continues. A more ambitious target is placed at $6.4860.
However, for this bullish outlook to materialize, bulls must reclaim momentum with strong volume and push the price back above the $3.40$3.60 resistance zone. Without such a move, the near-term bias remains tilted to the downside.
SUI now stands at a crossroads. Whether it breaks lower or stages a rebound from the wedge breakout zone will likely determine its next major trend. All eyes remain on the $3.10 support, and the bulls ability to defend it.
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Read more: https://www.tronweekly.com/sui-slips-below-3-20-as-bulls-face-a-make-or-break-moment-at-key-support/
Text source: TronWeekly
