SUI Tests Long-Term Support Zone While Traders Track Bearish Momentum Across Charts

SUI trades near a long-term support zone after steady lower highs formed across weekly charts, signaling pressure as buyers attempt to stabilize price action.

Short-term analysis shows SUI breaking below declining support, with sellers maintaining control as the SMA-9 acts as a barrier against upward moves.

Market cap trends reveal a drop from nearly $8B to about $6B, showing persistent weakness despite brief rebounds and rising interest near recent lows.

SUI trades near a critical zone after an extended decline, with market participants watching technical levels that could define the asset’s next directional move. Recent chart readings show pressure across multiple timeframes as volatility rises ahead of key macro events.

Long-Term Structure Shows Compressed Price Action

SUI drew attention after analyst Crypto Patel noted a steep pullback toward the $1.66 area, describing the move as a capitulation flush. His view pointed to a possible $1.70–$1.00 accumulation range, where larger market participants may revisit positioning

The weekly chart supports this focus, with price holding near a multi-touch demand area that has been active since early 2024.The broader setup shows a descending triangle structure, with lower highs forming across several months

This pattern suggests weakened upward momentum as price compresses toward the established support. Recent candles show attempts by buyers to defend the zone through small lower wicks, though follow-through remains limited.

If this support fails, a reversal would require a move above the descending trendline and a push beyond $2.10, restoring positive momentum.

Short-Term Charts Point to Continued Pressure

Market commentator Henry observed that SUI continues to form lower highs, with broader market uncertainty adding stress. Upcoming FOMC minutes, unemployment data and PMI releases could influence risk appetite across the markets.

SUI has broken below a declining support line and the price is now beneath the SMA-9, which acts as a dynamic barrier on shorter timeframes

Sellers have repeatedly rejected advances, maintaining control of the trend.A dotted projection from the prior consolidation suggests a potential move toward the $0.50 area if momentum accelerates

Even so, short-term retests of the broken trendline may occur before any extended continuation.

Market Cap Trends Show Sustained Softening

The market cap chart shows a steady decline from $8B to near $6B between November 12 and November 18. Early stability gave way to a sharp drop followed by a gradual drift lower.

Recovery attempts appeared though none were strong enough to change the downward structure. The softness reflected weaker liquidity and reduced confidence amid broad market caution.

Toward November 17–18, trading activity increased as price lifted slightly from a $5.8B low. The move suggested renewed interest, but the trend remains controlled by sellers as SUI navigates a pivotal technical zone.