- SUI falls below $3.20 as selling intensifies post-failed breakout.
- $3.10 support is crucial; $3.00 could be next.
- $2.95–$3.10 is considered a bullish entry; the target is $5.10 and $6.48.
SUI has come under significant selling pressure this week, as bullish momentum falters following a failed breakout attempt. On April 29, the token briefly surged past the $3.85 mark, raising investor hopes for a trend reversal. However, the upward move proved unsustainable. Intense resistance at higher levels triggered a wave of profit-taking, prompting the asset to reverse course and initiate a prolonged decline.
SUI Faces Resistance and Breaks Key Supports
SUI was met with strong resistance that forced it to lose ground significantly, falling below many essential support levels. The grip on the market has tightened in a bearish manner since. On May 1, buyers managed to make a weak bounce back, but failed to regain control. On May 4, the token’s price dropped below $3.20, one of the lowest prices of the week, showing that traders still do not have a positive stance on the token.
Sellers proved to be dominant, as a series of consecutive red daily candles from May 2 through May 4 confirmed. Over the same period, trading volumes dropped off as interest dwindled. Now, SUI trades close to a vulnerable support zone at $3.10. If this level gives out, the psychologically significant $3.00 threshold will become the next key downside target, and pressure on bulls will only increase.
Although the market is currently bearish, the technical indications from Rose Premium Signals hint at hope. In their weekly outlook for the $SUI/USDT pair, they point out that the pair recently broke out of a descending wedge pattern, which is often associated with a bullish reversal or bearish setup. The breakout signals a possibility of a momentum shift, assuming the token can hold gains above the breakout zone.
$2.95–$3.10 Range Becomes Bullish Entry Zone
The analysis shows that $2.95–$3.10 currently acts as a critical long entry zone. If this area holds and is retested successfully, bulls will likely have a high probability of getting back into this market. The central bullish thesis is valid if SUI stays above this range.
The most recent technical review outlines some upside targets. After that, it rises to a ‘first target’ of $5.1060, which is not impossible as the token regains positive momentum. A longer-term breakout would be confirmed if bullish forces can break above $6.4860, which is the more ambitious target.
Bulls will need to make decisions to reclaim this lost ground. Otherwise, these optimistic projections will not finally be realised. A push above the critical $3.40–$3.60 resistance zone, along with an increase in trading volume, is needed. However, such a recovery is unlikely enough to change the short-term picture to a more bullish one.
Today, SUI is at a crossroads. The next major directional move will most likely depend on its ability to hold the $3.10 support and follow through off the wedge breakout zone. Market participants watch bulls to see whether they can bounce back or if there is more to come down.
