Sui, SUI in the year 2024 has been proactive, the asset hit an all-time high of $2.18 in March 2024. The recent Onchain data of Sui Network shows a rise in its daily active addresses and an increase in transactions to 800 TPS, randing from 10,871 TPS to 297,000.
But, the price action isn’t favorable as the asset has moved -4.46% in 24 hours, -14.23% in 7 days, and -26.287% in a month frame. This comes after a sharp rejection at $1.11 that triggered a troublesome price rally downwards.
Well-defended by buyers at the support level of $0.99, the price made a sideway walk for 2 days and finally broke the robust support zone of $0.99.
A downward trajectory further led this to form a declined channel pattern where it is now struggling to breach the resistance and come out of the channel.
New support and resistance are created now at $0.88 and $0.942 respectively. The Relative Strength Index and Stochastic readings hint a s light overselling in the zone. The price trading below all moving averages price levels is a serious concern.
Also, the MACD line near zero suggests a neutral price movement, These factors clearly state a more corrective phase will appear with a nominal hold by buyers.
SUI resurgence is possible
As per the current downtrend, a resurgence can be expected to happen if the SUI can breach the channel pattern upward and set up the support zone at the higher levels. A Sustained bullish mau even reclaims the curucial resistance of $1,11.
Traders can keep watch for the price to go below $0.99 to enter the position and also look at the breakout at the $0.999 current price
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