SUI has shown an upward trend, tantalizing investors with hopes of a new all-time high. However, investor sentiment has shifted, and the altcoin may struggle to meet these expectations due to waning momentum and technical indicators.
Concerns arise from the tightening Bollinger Bands, indicating a possible approaching volatility squeeze. A significant drop in trading volume suggests that increased volatility is imminent. This scenario might lead to either a price rally or a decline, but lack of support makes an ATH unlikely.
The Moving Average Convergence Divergence (MACD) indicator shows signs of a bearish crossover, a trend indicator that often suggests a price downtrend. This potential reversal is confirmed by a decrease in SUI's macro momentum, raising the likelihood of pressure on its price.
With SUI currently priced around $1.74, just above a critical support level, losing this support could lead to further declines, with predictions suggesting a drop to $1.45 or even $1.16 if selling pressure increases. This scenario reduces the probability of achieving a new ATH in the near term.
However, a broader market bullish trend might alter the current outlook. If this happens, SUI could rise to $2.18, overcoming the bearish pressure and possibly setting a path toward a new all-time high.
