SUI Struggles to Regain $2 Amid Market Uncertainty
SUI faces challenges reclaiming $2 support as mixed trader sentiment and short-selling create downward pressure on its price stability.
SUI’s price struggles to regain support at the $2 level, with fluctuating market sentiment and short-selling adding pressure. Traders’ mixed feelings about SUI are evident in the funding rates, which have alternated between positive and negative, indicating uncertainty about the altcoin's short-term direction. This lack of confidence is causing more traders to take short positions, expecting further declines and thus putting additional downward pressure on SUI.
The recent trend suggests that many traders are hesitant, keeping SUI in a holding pattern. As the Relative Strength Index (RSI) has been declining since mid-October, the altcoin’s momentum appears to be cooling. Previously in an overbought range, the RSI has now dropped closer to the neutral 50 level. If it falls below this point, it could indicate that bearish conditions are strengthening, further challenging SUI’s price stability.
For SUI to regain upward momentum, it needs to turn a key resistance level into support. Achieving this could renew bullish interest and attract more buyers, signaling a potential rebound. However, if SUI fails to break this resistance, it may continue consolidating just above its lower support. This prolonged consolidation could create additional hesitation among traders, delaying any substantial moves toward a new high.
A clear upward shift would require SUI to secure its resistance as support, coupled with favorable market conditions. Such a change would strengthen traders' confidence, potentially sparking a rally and setting the stage for SUI to aim for a new all-time high. Until then, SUI's outlook remains cautiously bearish-neutral, with market sentiment and technical indicators suggesting a challenging path ahead.
