- Sui maintains structural stability above the $2.71 support despite recent 5.6% decline in daily trading.
- Resistance at $3.01 continues to cap short-term recovery, keeping price in a tight consolidation range.
- The higher trend line since mid-2023 remains valid, pointing to the ongoing controlled correction phase.
Sui (SUI) also experienced minor bearish pressure in recent trading sessions, with the token currently trading at $2.74, a decline of 5.6% over the last 24 hours. Even with general market stability intact, the asset remains in a definite technical setup that has circumscribed the asset’s volatility both upwards and downwards. The latest chart action shows a strong test of the uptrend line of mid-2023, which marks a critical point for investors following the asset’s medium-term trajectory.
The tandem versus Bitcoin is 0.00002457 BTC, up 2.4% but showing relative strength versus Bitcoin even with the drop on the dollar side. This conflicting behavior has drawn market interest as traders weigh whether prices here around $2.70 can stand their ground in future sessions.
Price Consolidates Between Tight Support and Resistance Zones
Sui’s immediate support level sits at $2.71, where buying activity has consistently emerged during intraday pullbacks. This level has acted as a stabilizing threshold, containing further declines and helping the market maintain structural balance. Resistance is at $3.01 above with repeated price rejection limiting any sustained recovery efforts.
Through this thin price range, the volatility is diminished, and the structure of a consistent pattern that has already emerged is emphasized as a result of numerous attempts to test the upward trendline. Interestingly enough, the steep wick on the recent daily chart depicts a short-lived and, yet, intense liquidation process, which was soon replaced by a shift back into the trend channel.
Market Structure Suggests Controlled Correction Phase
The bigger market setup continues to depict a guided correction phase with price action sticking to the longer-term trend in spite of short-term vulnerability. The present formation suggests that traders are participating along the lower boundary of the range, closely mirroring historical buying points.
With the volatility in line, the struggle between the $2.71 support and $3.01 resistance will dictate the near-term direction. The persistent holding of the trendline on the daily chart underscoring the importance of this technical level as a market positioning metric.
