SUI's value retreats from $3.5, with traders observing the $2.775 support level for its next direction.
In the dynamic world of cryptocurrencies, the price movement of SUI has been a topic of interest among investors. After bouncing to around $3.5, the token quickly pulled back, failing to hold above that level. Currently, SUI is testing the June close price of $2.775 for support.
The low-volatility environment suggests that investors are waiting for more clarity before taking bigger positions. Despite the daily dip, traders remain focused on SUI's price movement, which has seen sharp shifts as they look for clues about its next direction.
From a technical perspective, SUI exhibits bullish signals. The Relative Strength Index (RSI) for SUI is around 62, indicating bullish momentum without being overbought. A golden cross occurred on June 8, 2025, where the 50-day moving average crossed above the 200-day moving average, a classic sign of potential upward price movement. Trading volumes are increasing, with recent averages around $280 million daily, reflecting growing market interest.
Regarding near-term price expectations, if SUI successfully breaks and sustains above the resistance near $3.29, the next target could be around $4.20 in the near term. Alternatively, if SUI fails to hold current levels, a drop toward the support near $2.91 is possible. Some analysts, noting strong developer activity and ecosystem growth, project further upside potential, with price targets extending to approximately $5.48 based on rising developer adoption and ecosystem momentum.
It's worth noting that the price movement of SUI is positively correlated with Bitcoin, showing a correlation coefficient of about 0.75 over the past 30 days. This means that when Bitcoin maintains stability—such as staying above $60,000 as seen recently—it tends to bolster SUI’s price upside as well.
In the short term, $2.775 may act as a solid support level for SUI. The price action of SUI mirrors that of Bitcoin, suggesting short-term neutral consolidation. The market remains cautious, with no clear indicators of a breakout or breakdown in sight. The setup for SUI's price movement plays out on the daily chart, indicating no quick moves are expected.
As always, it's crucial to approach investment decisions with careful consideration and a diverse portfolio. Keep a close eye on SUI and its correlation with Bitcoin as we await the next moves in the market.
Bitcoin and Ethereum are also popular cryptocurrencies in the finance world, with many investors closely monitoring their price movements. Given the positive correlation between SUI and Bitcoin, a stable Bitcoin price above $60,000 could potentially bolster SUI's upside as well. Some traders might also be keeping an eye on SUI's performance as a potential indicator for Bitcoin's next direction, considering its sharp shifts in price.
