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The Sui price dropped 5% in the last 24 hours to trade at $1.97 as of 5:12 a.m. EST on trading volume that plunged 23% to $1.2 billion.
This decrease in the SUI price comes as Cboe BZX Exchange files for a request to list an exchange-traded fund (ETF) backed by SUI, the native token of the Sui Network.
If approved, the ETF, which the asset manager Canary Capital will issue, would be the first in the country to hold the Sui token.
Sui Price Analysis Shows A Potential Reversal
The SUI price has experienced a prolonged downtrend since reaching a high of nearly $5.32 in early January 2025.
According to data from Geckoterminal, the chart shows the Sui price consolidating near the $1.97 level, following a falling wedge pattern formation, a classic bullish reversal pattern.
This wedge, formed by lower highs and lower lows, has begun to narrow, suggesting a potential breakout to the upside if buyers gain momentum.
Meanwhile, the price of SUI action indicates a potential reversal zone, particularly as it reacts near a critical support level of around $1.92, corresponding with a previous base of accumulation.
The immediate levels to watch on a breakout would be the 0.786 Fib level at $2.65, followed by the 0.618 level at $3.22. These are commonly targeted zones during retracements, especially in corrective rallies.
The 50-day Simple Moving Average (SMA), currently at $2.52, is above SUI and is the first dynamic resistance level. A successful break above this SMA could reinforce bullish momentum and lead to a retest of higher Fib levels
Meanwhile, the Relative Strength Index (RSI) is at 38.35, hovering just above oversold territory. While not yet flashing extreme oversold conditions, bearish momentum has been strong and may be waning.
SUI Price Prediction: Bullish Reversal Eyes For Prices Above $2.6
A near-term bullish breakout appears probable based on the descending wedge pattern and support at the $1.92 level.
If the Sui price breaks out decisively, the first target would be around the 0.786 Fibonacci level at $2.65, just under the 50-day SMA.
A move past that resistance zone could clear the path toward $3.22 (0.618 Fib level), though this would require significant buying volume and broader market support.
On the flip side, if the SUI price fails to hold above the $1.92 level, further downside toward $1.80 or lower could unfold.
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