SUI's price recently reached a new all-time high earlier this month but has since dropped by 21%, breaking a key support level. This has raised concerns among traders as the altcoin now trades below this crucial support, potentially affecting its bullish outlook.
The altcoin's macro momentum reflects a deepening bearish trend, with technical indicators like the Relative Strength Index (RSI) showing a dip below the neutral level of 50. A consistent drop in the RSI suggests that SUI may continue its downward trend unless market conditions improve significantly.
Despite the current downtrend, SUI's funding rate remains positive, indicating an underlying optimism among traders who anticipate a potential rebound. This optimism might signal confidence in SUI's long-term value despite recent volatility.
SUI's price has declined by 21% after reaching a peak of $2.36. Further declines could test the $1.45 support level, crucial for maintaining investor confidence. Market signals suggest SUI might stabilize around this price, pending improved macro conditions for sustained growth.
If SUI's price drops below $1.45, it could further decline to $1.16, marking an extended downtrend that could impact long-term investor confidence in the altcoin.
